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

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.