Govt pays part of debt to foreign oil companies, awards new exploration concessions

A senior official of the Finance Ministry, speaking on condition of anonymity, has said that the Petroleum Ministry agreed with foreign oil companies to pay 25 percent of its debts before the end of the year, of which part would be in Egyptian pounds.
The official also said the government is granting free exploration permits for oil and gas as part of the debt settlement.
The government aims to reassure foreign companies of their revenues, the official said.
Edited translation from Al-Masry Al-Youm

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