Egypt’s arrears to foreign oil firms fall by more than 80% – minister

Egypt’s arrears to foreign oil companies fell by more than 80 percent to below $900 million, petroleum minister Tarek el-Molla said on Sunday.

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