Egypt’s arrears to foreign oil companies fall to $850 mln at end of June: minister

SectorOil & Gas

Egypt’s arrears to foreign oil companies decreased to $850 million at the end of June from $900 million a year ago, the country’s petroleum minister said on Wednesday. “The balance of foreign partners’ dues decreased by the end of June to $850 million from $900 million a year ago, despite the impact of the coronavirus crisis,” Petroleum Minister Tarek el-Molla told Reuters.  The arrears were down 5.5% from the end of fiscal 2018/19. Arrears to foreign oil companies accumulated after the 2011 uprising which toppled President Hosni Mubarak and reached $6.3 billion in the 2011/2012 fiscal year. They have declined steadily since 2014 as Egypt sought to become a regional energy hub. Cairo has been trying to eliminate its arrears as it seeks to attract more foreign investment to more...