Egypt set to finish $1.5b oil payments

Egypt will complete payment this week of $1.5 billion of the $6.3 billion it says it owes oil firms, a state executive said on Monday, in line with a plan aimed at restoring confidence in an economy hit by nearly three years of political turmoil.

“Today we are reimbursing $1 billion to the foreign partners and the rest during this week,” the chairman of state-run Egyptian General Petroleum Corporation (EGPC), Tarek El Molla, told Reuters by telephone.
Approval of the $1.5 billion payment was announced by the government on December 4. The government said the next day it would repay a further $3 billion in monthly instalments until the end of 2017, hoping this will encourage needed investment in the energy sector.

Compiled from Reuters and staff reports

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