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Egypt looks to increase oil production by encouraging foreign firms

16 Sep 2013

(MENAFN) The Egyptian finance minister said that his country is planning to draw foreign oil companies to the country to increase its oil output, The Peninsula reported.

Encouraging foreign companies to explore and produce in Egypt comes as a way to more quickly repay the USD6 billion the country owes to these companies.

The minister said: “Right now the rescheduling of the debts is under review in exchange for the companies investing in drilling and exploring for oil and increasing production and such things. And that is beneficial to both parties.”

Since the uprising that ousted President Hosni Mubarak, Egypt was having troubles to pay oil firms as tourists and investors were frightened which cut into tax revenue.

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