Egypt arrears owed to oil firms rises to USD3 billion at end-2015
Egypt's outstanding arrears to foreign oil companies rose to USD3 billion at the end of December 2015 from USD2.7 billion at the end of October, Petroleum Minister Tarek El Molla told Reuters on Sunday. The ministry had said in September that Egypt aimed to reduce the arrears owed to foreign oil companies to USD2.5 billion by the end of 2015 and to pay them off completely by the end of 2016. El Molla did not provide further details on why total arrears have risen since November. (Reuters)
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