Egypt to pay $750 mln to IOCs: report

Egypt

CAIRO, November 15, 2017 – Egypt is to pay USD 750 million of debts owed to IOCs by the end of the year, local media reported on Wednesday.

Outstanding arrears stand at about USD 2.3 billion following a USD 2.2-billion payment last June, daily Al Ahram reported, citing the Ministry of Petroleum, headed by Minister Tarek El Molla.

Egypt, plagued by continuing financial distress that has forced its government to reduce subsidies over the past three years, is aiming to clear its debts by 2019.

The news came as Saudi Aramco reportedly started talks to refine crude in Egypt on Tuesday, according to Reuters.

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