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Egypt to discharge its foreign oil debts in two stages

by ChemOrbis Editorial Team - content@chemorbis.com
  • 05/08/2015 (11:20)
According to media reports, Egypt is planning to discharge its $3.5 billion debt payment to foreign oil companies in two stages. In the first stage, the country aims to pay $2.9 billion by the end of August while the remainder will be paid by the end of 2016. Previously, the country’s Oil Ministry reported that they aim to fully pay their debts to foreign oil companies by the middle of 2016.

The payments to oil and gas companies have been delayed due to the economic instability ongoing since 2011.

Egypt’s Oil Minister Sherif Ismail also stated that they will longer receive oil grants from Gulf Arab countries and they are now in talks with Saudi Arabia, Kuwait and the United Arab Emirates şn order to conclude deals to secure its energy needs over the coming period.
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