Cairo – Mubasher: Egyptian General Petroleum Corporation (EGPC) is planning to pay off up to $500 million in arrears owed to the international oil companies (IOCs) before the end of next September.
The EGPC and the government are currently considering allocating not less than a $200 million amount, which may reach $500 million, in an effort to pay for foreign partners' outstanding amounts within the next two months, sources told Alborsa News.
The Egyptian government plans to collect the business sector’s debts in a bid to pay out the oil and energy's debts owed to the international companies.
The Central Bank of Egypt’s (CBE) governor Tarek Amer previously said that the North African nation would pay off $850 million of foreign oil firms’ dues.
In June, government sources disclosed that the petroleum ministry planned to settle around $200 million in arrears owed to international oil firms.
