Cairo – Mubasher: Egypt’s dues to foreign oil companies retreated by $4 billion to $2.3 billion from $6.2 billion in four years, Egypt’s petroleum minister Tarek El-Molla told Al Akhbar newspaper.
The Egyptian petroleum sector’s external debts may be paid off within two years in case the recent payment rate remained the same, El-Molla added.
“It is hard to determine a specific date but we imagine that if the current rate of payment continues we will be able to reach zero external debt within two years,” he continued.
Signing agreements aim at showing foreign partners how serious is the Egyptian government in resolving debt accumulation, he highlighted.
The minister stressed that 83 deals were signed in the petroleum sector after 30 June 2013 revolution, including 61 deals over the past three years.
In January 2017, Egypt’s arrears to foreign oil companies dropped to $3.5 billion at the end of December 2016, according to Reuters.
On 10 July 2017, the minister noted that the petroleum sector’s development and upgrading programmes will be completed by 2018.
