Egypt Independent

Egypt’s debts to foreign oil companies reach US$6.2 billion: minister



Minister of Petroleum and Mineral Resources Sherif Ismail has announced that Egypt's debts to foreign companies reached US$6.2 billion by the end of September.

The minister said the country will reschedule part of the Egyptian General Petroleum Corporation's (EGPC) debts it owes to foreign companies operating in Egypt.

Speaking at a Tuesday news conference, Ismail claimed the General Petroleum Authority is coordinating with the Ministry of Finance and the Central Bank of Egypt to repay the foreign debts as soon as possible.
 
Maybe within two weeks or more we will pay the greater part of the debts, Ismail claimed.
 
Ismail did not specify how the government would afford to pay back debts, but stressed it aims to pay off 25 percent at least.