Egypt’s debt to International Oil Companies (IOCs) reached USD3.4bn in June, according to a statement by the Ministry of Petroleum. Egypt has paid IOC partners in full last year, bringing the amount owed down by another USD100mn, the Minister said, adding that Egypt plans to make payments in 4Q16. The figure is up from USD3.3bn in May and USD6.3bn in 2013-end. The government has also completed the purchasing of foreign of companies’ shares of crude oil and natural gas in FY15/16, worth USD5.4bn. (Al Ahram)
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