Egypt Aims to Cut Arrears to $2.5b Owed to Foreign Oil Firms

Source: Reuters 9/9/2015, Location: Africa

Egypt paid foreign oil companies $600 million in arrears in August and still owes them $2.9 billion, the petroleum minister told Reuters.

Sherif Ismail also said Egypt aims to lower the amount of arrears it owes foreign oil companies to $2.5 billion by the end of 2015.

Delays in paying back foreign companies had discouraged investment in Egypt's economy, battered by power cuts, attacks by militants and political turmoil triggered by a 2011 uprising that toppled autocrat Hosni Mubarak.

Egypt's energy sector received a boost last month when Italian energy group Eni said it had discovered the largest known gas field in the Mediterranean off the Egyptian coast, predicting the find could help meet the country's gas needs for decades to come.

Egypt, which once exported gas to Israel and elsewhere, has become a net energy importer over the last few years.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects


United Kingdom >>  8/5/2022 - The Equinor-operated Rosebank oil and gas field will provide significant investment into the UK.

According to a socioeconomic study by Wood...

United States >>  8/5/2022 - Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet") today announced a series of transactions conducted by its unrestricted subsidiary...

Saudi Arabia >>  8/3/2022 - Saudi Arabian Oil Company (“Aramco”) today signed a Memorandum of Understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) covering m...
Azerbaijan >>  8/2/2022 - Azerbaijan’s goal of diversifying its energy mix has received a major boost with the approval of US$ 114.2 million financing package from the European...

United States >>  8/2/2022 - The Biden-Harris Administration, through the U.S. Department of Energy (DOE), today announced $26 million to fund projects that will demonstrate that ...
Canada >>  8/1/2022 - Aurora Hydrogen, a company developing emission-free, hydrogen production technology, has raised $10M USD in Series A funding led by Energy Innovation ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.