Egypt’s debts to foreign oil companies up to $3.2bln

Egypt’s outstanding arrears to foreign oil companies rose to $3.2 billion at the end of March from $3 billion at the end of December, an official at the Ministry of Petroleum told Reuters on Wednesday.

The ministry had said last September that Egypt aimed to reduce the arrears owed to foreign oil companies to $2.5 billion by the end of 2015 and to pay them off completely by the end of 2016.

source: Reuters