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Tag: IOC
Tarek El Molla

Egypt’s arrears to IOCs reduced to $900 million at end of June – El Molla

Posted: July 13, 2019 at 12:12 pm   /   Oil & Gas

Egypt’s arrears to foreign oil companies declined to $900 million at the end of June from $1.2 billion a year ago, the petroleum minister said on Thursday, adding that the remaining amount would be paid soon. The Egyptian government had told the International Monetary Fund in a letter in January it intended to “eliminate” arrears […]

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Egypt close to settling debts to international oil companies

Posted: August 1, 2018 at 1:39 pm   /   Oil & Gas

Egypt is expected to achieve self-sufficiency in natural gas by the end of the year and exports are to resume by next year. Egypt is close to repaying debts to foreign petroleum companies, a sign of economic recovery and an important step towards attracting investments in the petroleum sector, analysts said. The Egyptian government, in […]

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EGPC to borrow $850 million from domestic banks to repay IOCs

Posted: May 27, 2018 at 7:32 pm   /   Oil & Gas

EGPC set to receive USD 850 mn in financing from domestic banking consortium to repay IOCs? The Finance Ministry has reportedly agreed to issue letters of guarantee for two loans to the EGPC worth a combined USD 850 mn, sources close to the matter tell Al Mal. The funding, which will be used to repay […]

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Egypt pays $300m in IOC arrears, to pay another $250m next month

Posted: February 21, 2018 at 10:15 pm   /   Oil & Gas

Egypt to pay IOCs USD 250 million next month after USD 300 million payment last week: Egypt paid international oil companies USD 300 million in arrears just last week, EGPC CEO Abed Ezz El Regal told Al Borsa on Tuesday. This would bring Egypt’s total arrears down to USD 2.1 million. The government plans to make […]

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El Molla: IOC investment in Egypt's Oil & Gas sector reached $10 bn this year

Posted: February 15, 2018 at 4:36 pm   /   Oil & Gas

Investment by international oil companies reached USD 10 billion so far in FY2017-18, Oil Minister Tarek El Molla said in an interview with Al Borsa. This will likely increase, as the ministry plans to issue exploration tenders, including in the East Mediterranean and in the Nile Delta region sometime in 2H2017-18, said El Molla. The […]

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Egypt pays $200m in IOC arrears, to pay another $550m in next 2 months

Posted: January 22, 2018 at 2:50 pm   /   Oil & Gas

Egypt’s Finance Minister Amr El Garhy said on Sunday the country had paid $200 million in arrears owed to foreign oil companies in January, and would pay another $550 million in February and March. Egypt owed foreign oil companies $2.4 billion at the end of June 2017, the petroleum ministry said this week. There was […]

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Q&A you should know on debt to International Oil Companies

Posted: November 27, 2017 at 1:59 pm   /   Oil & Gas

The petroleum debts due to foreign firms working in the oil and gas field declined to $2.3 billion at the end of last June, down from $6.3 billion during 2013. The Petroleum Ministry announced a plan to completely settle the dues before the end of 2020. Egypt Today answers the significant questions, explaining when the […]

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

Posted: November 15, 2017 at 7:12 pm   /   Oil & Gas

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 […]

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Egypt to pay off arrears to IOCs in two years – El Molla

Posted: November 1, 2017 at 1:14 pm   /   Oil & Gas

Egypt will fully pay off its debt to foreign oil companies within two years if it keeps making payments at the same rate, Oil Minister Tarek El Molla told a local newspaper on Tuesday. “It is hard to determine a specific date but we imagine that if the current rate of payment continues we will […]

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Prime Minister: Egypt to repay more IOC arrears before the end of 2017

Posted: October 16, 2017 at 12:31 pm   /   Oil & Gas

The Egyptian government is planning to repay a portion of its arrears to international oil companies before the end of 2017, especially as they have been expanding their investments in the country, Prime Minister Sherif Ismail told the press on Sunday. IOCs had raised investments in Egypt to USD 10 bn this year, while arrears […]

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