Cairo – Mubasher: Egypt will pay off $250 million in arrears owed to foreign oil companies in March, Alborsa News reported, citing CEO of the Egyptian General Petroleum Corporation (EGPC) Abed Ezz El-Regal.
The Arab world's most populous country has already paid $300 million of these dues last week, Ezz El-Regal added.
“Egypt’s oil sector is on the right track. We are working on implementing an ambitious plan to meet the demand for oil and gas by reinforcing exploration activities,” he continued.
Given that finance minister Amr El Garhy last said that the North African state had paid $200 million of foreign oil firms' dues in January.
Egypt is seeking to accelerate production from recently discovered fields to halt gas imports by 2019 in a bid to achieve natural gas self-sufficiency.
