Egypt’s arrears to foreign oil companies drop to $850 million end-June – minister

Egypt’s arrears to foreign oil companies fell to $850 million by the end of June from $900 million the same period a year ago, the country’s Petroleum Minister Tarek el-Molla announced on Wednesday.

“The balance of foreign partners’ dues decreased by the end of June to $850 million from $900 million a year ago, despite the impact of the coronavirus crisis,” el-Molla told Reuters.

The arrears were down 5.5 percent from the end of financial year 2018/19.

Arrears to foreign oil companies accumulated following the country’s 2011 uprising that ousted President Hosni Mubarak and hit $6.3 billion in the 2011/2012 financial year.