Petroleum Africa
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Friday, December 6, 2013
In an effort to attract new investment from the Gulf countries Egypt promised to pay $1.5 billion of money it owes foreign oil companies. The government owes foreign producers an estimated $6 billion and the promise to start making a dent in the total is aimed at restoring investor confidence.
“There is approval to pay $1.5 billion,” Egyptian Prime Minister Hazem el-Beblawi said at an investment conference. He said the arrears had discouraged investment in the energy sector. Finance Minister Ahmed Galal told the conference the central bank would supply the dollars to reimburse the oil companies and Oil Minister Sherif Ismail said this would happen within days.
EGPC plans to launch a bid round this month for 15 oil and gas exploration blocks in the Gulf of Suez and the eastern and western deserts, Adel Saeed, EGPC’s deputy CEO for agreements told Reuters on the sidelines of the event.
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