Egypt’s oil receivables fall to $2.3B

CAIRO – 5 July 2017: Outstanding petroleum receivables owed to foreign companies dwindled to $ 2.3 billion by the end of June, Minister of Petroleum Tarek El-Molla declared Wednesday.

El-Molla explained on the sidelines of a Cabinet meeting that the Egyptian General Petroleum Corporation (EGPC) repaid $ 2.2 billion to international oil companies in June.

Dues owed by the EGPC amounted to $ 3.5 billion by the end of March. El-Molla said at that time that Egypt would pay off half of the oil debt within “weeks”.

The government was scheduled to pay a sum of $ 1.5 billion in oil arrears over 2017, governor of the Central Bank of Egypt (CBE) Tarek Amer said in previous statements.