Egypt Independent

Egypt to reduce arrears to foreign oil companies before end 2017 – minister

Egypt’s government expects to further reduce arrears owed to foreign oil companies before the end of 2017, the energy minister said on Saturday.

The oil ministry said in June it reduced arrears to $2.3 billion after repaying $2.2 billion. Officials had said they want to repay all by the end of June 2019 as part of a drive to attract more foreign investment in the energy sector.