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Egypt's debts to foreign oil companies reach $3.4 billion in June: Oil ministry

This figure is up from $3.2 billion at the end of March, as previously reported by Reuters

Ahram Online , Sunday 28 Aug 2016
Tarek El-Molla
Egypt's petroleum minister Tarek El-Molla (Photo: Al-Ahram)
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Egypt's debts to foreign oil companies reached $3.4 billion by the end of June, a Sunday petroleum ministry statement read. 

This figure is up from $3.2 billion at the end of March, as previously reported by Reuters.

The government has also completed the purchasing of foreign oil companies' shares of crude oil and natural gas in the 2015/2016 fiscal year, which is worth $5.4 billion.

Egypt also paid $100 million accumulative arrears owed to foreign companies in 2015/2016, and is expecting to pay off a new portion of the debts during the last quarter of 2016.

Egypt is expecting to end exporting natural gas by the fiscal year 2020-2021, the statement added. 

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