Egypt Pledges To Pay $1bn To International Oil & Gas Firms

Egypt’s Energy minister Sharif Isma’il says a $1bn IOCs receivables payment is imminent. Cairo is looking to slash $6.3bn debts to spur upstream investment.

Egypt has promised to reduce its debt to oil and gas producers by paying $1bn in receivables over the course of the next two months.

The government owes international oil companies (IOCs) $6.3bn, energy minister Ismail Sharif said on 22 April, after a payout of $1.5bn late last year already diminished the debt pile. “A new chunk of around $1bn will be paid to foreign firms within two months,” Mr Ismail told the MENA news service.

The government announced a staged reduction of receivables last December, when the first batch of payments was distributed (MEES, 20 December 2013). A further $3bn would be paid off in monthly installments until 2017, it said then. (CONTINUED - 1049 WORDS)