Last Update 12:43
Tuesday, 21 May 2019

Egypt debt to foreign oil companies at $3.5 billion: official

Reuters , Sunday 5 Jul 2015
Oil Rig
File Photo: An oil rig (Photo: Reuters)
Views: 2007
Views: 2007

Egypt's debts to foreign oil companies stood at $3.5 billion dollars at the end of June, a 6.1 percent increase from March, an official at state-owned Egyptian General Petroleum Corporation (EGPC) said on Sunday.

The country's payments to oil and gas companies have been delayed by economic instability since a popular uprising ousted leader Hosni Mubarak in 2011.

"Foreign oil company dues with Egypt have reached $3.5 billion dollars," an EGPC official told Reuters on condition of anonymity.

Egypt's oil ministry said in March that it aimed to fully repay its debts to energy companies by mid-2016, about a year later than previously indicated. In April a ministry spokesman said Egypt had paid foreign energy firms $9.369 billion in arrears in the nine months to March 31.

Arrears began to accumulate before the 2011 uprising but they swelled to billions of dollars amid worsening state finances while the government used gas earmarked for export to meet domestic demand.

Short link:


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.

© 2010 Ahram Online.