Egypt to repay USD4.9b oil, gas debt in 6 months

15 Nov 2014

(MENAFN) Egypt plans to repay all of its USD4.9 billion debt to foreign oil and gas companies within six months, hoping it will prompt them to boost exploration and ease the worst energy crunch, The Peninsula Qatar reported.

Egypt has delayed payments to oil and gas firms as its economy has been hammered by almost three years of instability since a popular uprising ousted Hosni Mubarak.

“Egypt planned to borrow USD2 billion to help it finance the repayments, seeking to repay 60 percent of the arrears by year-end,” the Egyptian oil ministry said.

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