Egypt to settle $850 mln among IOCs dues: CBE’s governor

Egypt will pay off $850 million in arrears owed to international oil companies (IOCs) operating in the country, governor of the Central Bank of Egypt (CBE) Tarek Amer said.

He did not mention any further details regarding the total debt or the date of payment, state-run newspaper Al-Ahram reported.

The North African nation owed foreign oil companies around $2.4 billion at the end of June 2017.

Petroleum minister Tarek El-Molla had previously said that the Arab world’s most populous country aims to settle the entire dues of foreign oil firms within two years.