Petroleum Ministry pays $2.2bn in arrears to international companies
Minister of Petroleum Tarek Mulla
Cairo - MENA
Minister of Petroleum Tarek Mulla said the petroleum sector paid over the last three weeks 2.2 billion dollars in arrears to international companies in Egypt.
In statements on Thursday, the minister said this has reduced financial obligations to foreign partners to about 2.3 billion dollars, the lowest level since 2013 when debts to the companies reached 6.3 billion dollars.
Paying the money reflects the ministry's commitment to re-paying debts to foreign partners in the coming period, he said.
He said this would give momentum to oil and natural gas prospecting and encourage international companies to pump more investments into the sector.
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