Egypt narrows arrears owed to foreign oil companies to $3.4 bln

Egypt has reduced the arrears it owes to foreign oil companies to $3.4 billion in 2015/16 from $3.5 billion a year earlier, the country’s Petroleum Minister Tarek El Molla told Reuters on Monday.

El Molla also said that Egypt received crude oil and natural gas from the foreign partners’ share during 2015/16 worth $5.4 billion. Egypt paid them $5.5 billion.