Egypt says repaid 86% of arrears to foreign oil companies in 2019

Egypt has repaid 86 percent of arrears to foreign oil companies at the end of December, the country’s Cabinet announced on its Facebook page on Sunday.

The foreign companies’ arrears dropped during the financial year 2018/2019 to $0.9 billion, down from $6.3 billion during 2011/2012, the Cabinet said.

Arrears to foreign oil companies accumulated following the 2011 uprising which toppled long-time president Hosni Mubarak, to reach $6.3 billion in the financial year 2011/2012.