Egypt reduces debt owed to foreign oil companies to $3.5 billion

Tuesday 03-01-2017 12:10 PM

Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources speaks during an interview with Reuters at his office in Cairo, Egypt, October 29, 2015. REUTERS/Amr Abdallah Dalsh

By Reuters

CAIRO (Reuters) - Egypt has reduced the arrears it owes foreign oil companies to $3.5 billion by the end of December from $3.6 billion in September, Petroleum Minister Tarek El Molla told Reuters on Tuesday.

The latest figure means that Egypt paid about $100 million of the debt owed to foreign oil companies in the last quarter of 2016.

El Molla said in a phone call to Reuters that "Egypt pays it's dues regularly on a monthly basis," but did not give any further details on when Egypt would pay off the debts to the companies.




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