Petroleum Africa
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Wednesday, January 6, 2016
Egypt’s outstanding arrears to foreign oil companies closed the year at $3 billion, not meeting the planned reduction to $2.5 billion by the end of 2015. The Ministry of Petroleum & Mineral Resources had said in September that it aimed to reduce the arrears owed to foreign operators to $2.5 billion by the end of 2015 and to have the whole balance paid off by the end of 2016.
Delays in paying back foreign petroleum companies had discouraged investment in the sector, but a drive to increase the price paid for domestic production and pay back arrears had encouraged new contracts signed in 2015. Petroleum Minister Tarek El Molla, speaking to Reuters, did not provide further detail on why total arrears have risen since November.
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