The delay fee or additional tax due on these tax arrears will be waived by 90 percent, if the original tax or fees due are fully paid within a maximum period of 60 days from the date of work with
Molla added Reuters that dues decreased by 5.5 percent, compared to $900 million at the end of 2018/2019 fiscal year.
The move comes in implementation of the government's initiative to settle within five years arrears of companies seeking to expand or increase their investments in the markets.
Tarek el-Molla also added that total monthly payments by Egypt to foreign oil companies stood at $700 million.
A wrap-up of the most prominent business news of the day
Egypt owed foreign oil companies operating in the country $2.4 billion by the end of June 2017, Petroleum Minister Tarek el-Molla said Wednesday.
The figure is well less than $6.3 billion recorded in 2013.
EGPC also paid $19.3 billion to the companies to purchase oil and repay loans.