6 July 2018

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

Friday 06 July 2018 - 10:27 AM

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.

MENA

Egypt

No 1000-Year Curse Unleashed Upon Opening of Black Sarcophagus

Many Egyptians feared that the opening of the sarcophagus, which some thought could contain the bones of Alexander the… Read more »

See What Everyone is Watching

Copyright © 2018 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.