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Egypt to settle all IOC’s arrears by 2017

: Wednesday, July 23 - 2014 @ 06:34

The Egyptian ministry of petroleum has agreed with foreign oil firms to settle all of its arrears by 2017 instead of its previous plan to pay EGP21bn ($3bn) out of a total of EGP42bn ($6bn) by that time, Ahram has reported, citing a source familiar with the matter. The ministry plans to pay EGP10.5bn ($1.5bn) by this September to companies including BG group and British Petroleum, the source said.

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Wednesday, July 23- 2014 @ 6:34 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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