Report: Egypt to pay $750 million to IOCs by end of year

Egypt-petroleum-minister-tarek-al-molla

Egypt is to pay USD 750 million of debts owed to IOCs by the end of the year, local media reported on Wednesday.

Outstanding arrears stand at about USD 2.3 billion following a USD 2.2-billion payment last June, daily Al Ahram reported, citing the Ministry of Petroleum, headed by Minister Tarek El Molla.

Egypt, plagued by continuing financial distress that has forced its government to reduce subsidies over the past three years, is aiming to clear its debts by 2019.

The news came as Saudi Aramco reportedly started talks to refine crude in Egypt on Tuesday, according to Reuters.

(Source: The Oil & Gas Year)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s