By: Ahmad Allam
Cairo – Mubasher: The government’s receivables owed to foreign petroleum companies as registered on 30 June, 2018 decreased to $1.2 billion, the petroleum and mineral resources minister of Egypt Tarek El-Molla said.
The ministry’s debt to foreign petroleum companies declined from $1.35 billion in 2010, El-Molla clarified on the sidelines of a press conference held at the petroleum ministry’s headquarters on Thursday.
El-Molla noted that Egypt’s debt due to foreign petroleum companies increased since 2011 to reach $6.3 billion in 2012, afterwards, the debt started to decline until it reached the current $1.2 billion as recorded on 30 June 2018.
The government is committed to repaying the receivables to foreign petroleum companies before the end of 2019, the minister said.
