Egyptian oil ministry to waive lawsuits against factories

Egyptian oil ministry to waive lawsuits against factories

Egyptian oil ministry to waive lawsuits against factories

Egyptian oil ministry to waive lawsuits against factories

Consumers purchase fuel at a petrol station near Cairo Airport, Egypt, in this file photo taken on February 19, 2018. (REUTERS)

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Egyptian oil ministry to waive lawsuits against factories

According to the ceramic division, the total debts of gas bills owed to oil companies is estimated at 6 billion Egyptian pounds ($381 million)

Updated 14 December 2020

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CAIRO: The Egyptian Ministry of Petroleum is negotiating with industrial sector companies to approve settlements through which factories are obligated to pay debts owed for gas consumption.

A government source said that the Ministry of Petroleum will waive lawsuits filed against the factories and prepare to notify all companies of reconciliation in cases with the signing of settlement agreements.

The move is part of government plans to lift burdens on manufacturers, the source said.

The source added that the committee formed with the Egyptian Federation of Investors Associations and the Ministry of Petroleum will present the time period for repaying the debt during its next meeting. It is expected to range between 10 and 12 years.

He said that the ministry is keen to return factories to work at full production capacity in accordance