Oil & Gas

Egypt paid $2.8 billion of international oil companies’ arrears in 3 years

oil-ministerThe Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, said on Monday that Egypt has repaid $2.8 billion of outstanding debts to international oil companies in the last three years.

El-Molla added in an interview with the Oxford research centre that the government has reduced obligations to foreign partners from $6.3 billion to $3.5 billion by the end of 2016.

The minister also pointed to the recent natural gas discoveries in Egypt, with investments exceeding $30 billion.

(Source: Mubasher)


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