25453
Egypt Cuts  Oil Debts
Energy

Egypt Cuts Oil Debts

Egypt paid foreign oil companies $600 million in debts in August and still owes them $2.9 billion, the country's oil minister said on Wednesday. Sherif Ismail also said Egypt aims to lower the amount of debts it owes foreign oil companies to $2.5 billion by the end of 2015, Reuters reported. Delays in paying back foreign companies had discouraged investment in Egypt's economy, battered by power cuts, attacks by militants and political turmoil triggered by a 2011 uprising that toppled long-ruling autocrat Hosni Mubarak. Egypt's energy sector received a boost last month when Italian energy group Eni said it had discovered the largest known gas field in the Mediterranean off the Egyptian coast, predicting the find could help meet the country's gas needs for decades to come. Egypt, which once exported gas to Israel and elsewhere, has become a net energy importer over the past few years.

 

Short URL : https://goo.gl/6O0CDG
  1. https://goo.gl/08xLcn
  • https://goo.gl/I3IHnM
  • https://goo.gl/Fy4X3l
  • https://goo.gl/hGWkrD
  • https://goo.gl/xtbAEn

You can also read ...

The South American nation earns 96% of its revenue through oil sales.
Venezuelan oil production crashed to a new 30-year low of 1.5...
45% of Spain Electricity From Renewable Sources
Spain’s transition to a low-carbon economy is making strong...
Norway Oil Strike Set to Escalate
Norway’s ship-owners and two oil unions said on Saturday they...
S. Korea Imports 167K bpd of Iranian Oil in June
South Korea’s imports of Iranian oil fell 40.3% in June from...
TPPHC Elaborates on Operations to Improve Power Plant Efficiency
To save natural resources in power stations and fight the...
Domestic Firms Undertake Rigless Well Operations
Two Iranian oil and gas companies have jointly conducted high-...
3,600 Villages to Join National Gas Grid
The natural gas grid will cover 3,600 villages across the...

Trending

Googleplus