CBE to repay Shell, BP, Eni first

CAIRO – 27 February 2017: The Central Bank of Egypt (CBE) and Egyptian General Petroleum Corporation are coordinating to repay $1.5 billion USD of the $3.5 billion debt owed to international petroleum companies, Al-Mal

reported

Sunday.

Shell, BP and Eni will receive the first disbursement of the repayment.

Since the floatation of the Egyptian Pound in November 2016, $13.5 billion has flowed into local banks to support the ability of foreign companies to repatriate profits, CBE Governor Tarek Amer, said in a

TV interview

Saturday.

Minister of Petroleum Tarek El-Molla said that Egypt is committed to repaying $3.5 billion in liability to international oil companies, Reuters

reported

on Jan. 24.