Petroleum Africa
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Friday, January 2, 2015
Egypt has paid $2.1 billion of its debt to its foreign operators, leaving $3.1 billion still owed, Oil Minister Sherif Ismail said in a statement. The government has made payments totaling $5 billion since December 2013.
Arrears to foreign energy companies have hampered investment in the sector and caused a severe crunch to the country’s budget.
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