Last Update 16:25
Sunday, 17 November 2019

Egypt aims to pay $2 to $3 billion of debt to oil firms by end of 2014: Minister

Egyptian government will pay $1 billion to foreign oil companies in few days and promises to pay back more of its debt before the end of the year

Reuters, Tuesday 30 Sep 2014
Sherif Ismail
Egypt's petroleum ministry Sherif Ismail (Photo: Ahram)
Share/Bookmark
Views: 1370
Share/Bookmark
Views: 1370
Egypt aims to pay back $2 billion to $3 billion it owes to oil and gas companies by the end of the year, the oil minister said on Tuesday, as the government tries to spur new investment to boost supplies.
 
The Arab world's most populous country faces its worst energy crisis in decades. Debt owed to energy companies in Egypt totalled $5.9 billion in May, the latest official figure available.
 
"We are paying off $1 billion to foreign partners during the next few days," Oil Minister Sherif Ismail told a news conference in Cairo.
 
He said that after the Muslim Eid holiday that ends on Oct. 8, the government will issue a tender to borrow from international banks to repay more of the debt.
 
Gas production is steadily declining in Egypt while consumption keeps rising but firms are reluctant to increase investment after the government fell behind on payments.
 
It paid a first tranche of $1.5 billion to companies last December, but the debt continues to mount. Some it was incurred before the 2011 revolt that overthrew Hosni Mubarak.
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.