Egypt Pays $1.5 bln to Foreign Energy Firms – Oil Ministry

Egypt has paid $1.5 billion of its debt to foreign energy companies, the oil ministry said in a statement on Thursday.

The country’s remaining debt to foreign energy firms stands at $4.9 bln after this latest payment, the oil ministry said.

“The government aims to reduce the debt owed to partners in the oil sector to an appropriate level to motivate them to intensify research and exploration,” Oil Minister Sherif Ismail said in the statement.

Source: Reuters