Egypt Budgets $1 Billion for Foreign Operators

Thursday, April 24, 2014

Foreign operators in Egypt should see a bit of cash from the government soon; the budget-beleaguered North African country will pay foreign operators an estimated $1 billion within the next two months the state news agency MENA said, quoting Oil Minister Sherif Ismail.

“A new chunk of around $1 billion will be paid to foreign firms within two months,” Ismail said on April 22. Currently the government owes over $6 billion to foreign oil firms.

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