The head of Egypt’s state-run oil company has said the country’s debts to foreign oil companies operating in the country rose to $5.7bn by the end of March, up $800m from the government’s last reported figure despite recent repayments, Reuters has reported. “Arrears to foreign oil firms in Egypt reached $5.7bn by the end of March,” Tarek El Molla, chairman of Egyptian General Petroleum Corp, said. He did not say how or when the country plans to repay the rest of the debt. Egypt paid back $1.5bn at the end of last year, a signal that the government is trying to get firms investing again in extraction and exploration, badly needed to help address a severe energy crunch.
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