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IOCs to receive around $1bn from Egypt within two months

: Thursday, April 24 - 2014 @ 10:21

Egyptian oil minister, Sherif Ismail has said the government is to pay about $1bn of the money it owes to foreign oil companies within the next two months, Reuters has reported. Egypt, which owes some $6.3bn to those companies, said last year it paid $1.5bn of the money it owes the international firms as part of a repayment scheme seeking to revive confidence in the economy after years of turmoil. “A new chunk of around $1bn will be paid to foreign firms within two months,” Ismail said.

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Thursday, April 24- 2014 @ 10:21 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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