Egypt: Mulla - Debts to Foreign Oil Companies Drop to Dlrs 1.2 Bn

07 Jul 2018

Egypt's debts to foreign oil companies have dropped to dollars 1.2 billion by the end of last June, recording their lowest value since 2010, Petroleum Minister Tarek el Mulla said on Thursday.

All the dues are set to be fully paid off by the end of 2019, the minster added.

The country's debts to oil foreign companies stood at dollars 6.3 billion in 2012, however, the debts retreated by 50 percent compared with the last year when it recorded dollars 2.4 billion, the minister said in a press conference.

Repayment of debts to foreign companies reflects the commitment of the government to boosting investments and shows respect to foreign investors, minister Mulla added.

New international tenders for oil and gas exploration are set to be launched in the coming period, Mulla noted, highlighting the great interest showed by foreign partners after Egypt's commitment to paying off its foreign dues.

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