Cairo – Mubasher: Egypt’s overdue payments to foreign oil companies fell to $850 million at the end of fiscal year 19/20, down from $900 million at the end of FY18/19, the petroleum minister Tarek El-Molla told Reuters.
The balance of foreign partners’ dues declined by 5.5% year-on-year (YoY) at the end of June “despite the impact of the coronavirus crisis,” El-Molla pointed out.
Following the popular uprising in January 2011, the North African nation’s arrears to foreign oil companies accumulated, registering $6.3 billion in FY11/12.
Since 2014, these arrears have steadily decreased as part of Egypt’s efforts to become a regional energy hub.
