Egypt’s arrears to international oil companies reportedly reached USD3.6bn in 1QFY16/17, an increase from USD3.4bn in FY15/16. The Oil Ministry is now looking to reschedule dues, aiming to make payment before 2016-end, contingent upon the Finance Ministry and the Central Bank of Egypt (CBE) making FX available, a government source said, adding that the no payment was made since August 2015 due to the lack of FX. The government had previously set a plan to lower the arrears to USD2.5bn by 2015-end and to end it completely by end of this year. (Al Borsa)
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