Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Tarek El Molla, Chairman of Egyptian state oil firm EGPC, says that Egypt last month paid off $600mn from the monies it owes to foreign operators active in the country for past production.
“The foreign partners’ dues declined at the end of August 2015 to approximately $2.9bn, compared to $3.5bn, as the equivalent of $600mn in Egyptian pounds was paid to the companies over the last month,” he told the Daily News Egypt in an 8 September interview.
Payments were “distributed pro-rata to all foreign companies working in the petroleum sector,” he says, presumably meaning in line with the total sum owed to each company. (CONTINUED - 333 WORDS)
DATA INSIDE THIS ARTICLE
|table||EGYPT’S DEBTS TO FOREIGN OIL COMPANIES ($MN, END PERIOD)|