Egypt Agrees to Pay $1.5 Billion Arrears to Foreign Oil Firms

The Egyptian government has approved payment of $1.5 billion of arrears owed to foreign oil firms, the prime minister said on Wednesday.

“There is approval to pay $1.5 billion,” Prime Minister Hazem el-Beblawi told an economic conference designed to lure investment from Gulf states.

The government has said it owes around $6 billion to foreign firms working in its oil and gas sector.
Beblawi said the finance minister had just informed him of the final approval.

He also said the government was targeting economic growth of 3.5 per cent in the fiscal year to end-June.

Source: Reuters