Egypt’s Petroleum Minister Karim Badawi says that arrears to IOCs operating in Egypt will all be settled by the end of June. A bold statement considering they stood at $1.3bn in December and the economy is under significant pressure because of the Middle East conflict. But Egypt has made substantial progress, with arrears exceeding $6bn less than two years ago.
Along with erasing the debt, Mr Badawi says the ministry has committed to maintaining regular monthly invoice payments to prevent arrears from accruing again. (CONTINUED - 930 WORDS)
