Petroleum ministry's debt down to $3.2B in 2017

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Sun, 31 Dec 2017 - 09:32 GMT

Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources speaks during an interview with Reuters at his office in Cairo, Egypt, October 29, 2015.

Tarek El Molla, Egypt's Minister of Petroleum and Mineral Resources speaks during an interview with Reuters at his office in Cairo, Egypt, October 29, 2015.

CAIRO - 31 December 2017: Outstanding petroleum receivables owed to foreign companies dwindled to $ 2.3 billion by the end of June 2017, Minister of Petroleum Tarek El-Molla announced in a Sunday report on the year's activities of the ministry.

Molla explained that the figure is well less than $6.3 billion recorded in 2013.

The Egyptian General Petroleum Corporation (EGPC) repaid $ 2.2 billion to international oil companies in June.

Dues owed by the EGPC amounted to $ 3.5 billion by the end of March. However, Molla said at that time that Egypt would pay off half of the oil debt within “weeks”.

The government was scheduled to pay a sum of $ 1.5 billion in oil arrears over 2017, governor of the Central Bank of Egypt (CBE) Tarek Amer said in previous statements.

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