ICEC

Egypt to Repay 25-30% of Arrears to Oil Firms Soon -Minister

Egypt will repay 25 to 30 percent of its arrears to foreign oil companies in the near future, Petroleum Minister Sherif Ismail said on Tuesday.

Egypt owes oil companies $6.2 billion, he said at a news conference.

Egypt has been struggling to meet soaring energy bills caused by the high subsidies it provides on fuel for its 85 million population.

Source: Reuters

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