Egypt's arrears to foreign oil companies decline to $850M at end of June

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Wed, 29 Jul 2020 - 03:43 GMT

Minister of Petroleum and Mineral Wealth Tarek El-Molla -REUTERS

Minister of Petroleum and Mineral Wealth Tarek El-Molla -REUTERS

CAIRO – 29 July 2020: Total arrears to foreign oil companies fell to $850 million at the end of June 2020, despite the repercussions of the corona virus crisis, Minister of Petroleum Tarek el-Molla said Wednesday.

 

Molla added Reuters that dues decreased by 5.5 percent, compared to $900 million at the end of 2018/2019 fiscal year.

 

He stated that the balance of foreign partners' dues decreased by the end of June to $ 850 million from $ 900 million a year ago despite the repercussions of the emerging Corona virus crisis.

 

The dues of foreign oil companies accumulated after the January 2011 uprising amounted to $6.3 billion in the fiscal year 2011/2012, but those debts began to decline gradually since the fiscal year 2014/2015 with Egypt seeking to finish its payment at a time when it is looking to transform into a regional center of energy.

                                                                                                       

 

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