33401
Egypt Oil Debts Rise  to $3b
Energy

Egypt Oil Debts Rise to $3b

Egypt's outstanding arrears to foreign oil companies rose to $3 billion at the end of December 2015 from $2.7 billion at the end of October, the country's petroleum minister, Tarek El Molla, said on Sunday. The ministry had said in September that Egypt aimed to reduce the arrears owed to foreign oil companies to $2.5 billion by the end of 2015 and to pay them off completely by the end of 2016, Reuters reported. Delays in paying back foreign oil companies had discouraged investment in the sector, but a drive to increase the price paid for domestic production and pay back arrears had encouraged new contracts signed in 2015. El Molla did not provide further detail on why total arrears have risen since November. Egypt has run short of hard currency since a 2011 uprising drove tourists and investors away. Reserves almost halved to $16.4 billion by the end of November. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its energy gap as soon as possible.

 

Short URL : http://goo.gl/f92Khk
  1. http://goo.gl/0jGVim
  • http://goo.gl/0FtnL7
  • http://goo.gl/nmVDRX
  • http://goo.gl/p3Y7KX
  • http://goo.gl/MLiR8u

You can also read ...

Oil Industry Bosses Will Discuss OPEC Policy
Key oil ministers and company executives will gather in Russia...
China, India Lead Solar Expansion
India and China are driving a rapid global expansion in large-...
Russia Eying Crimea Energy Resources
Russia should explore the Crimean continental shelf for...
Brent and WTI crudes stood at $79.39 and $72.47 per barrel on Tuesday.
Oil prices rose on Tuesday on concerns that Venezuela’s crude...
NISOC Efforts to Develop 4 Major Oilfields on Track
The National Iranian South Oil Company's efforts to boost...
Smart Electricity Meter Project Awaits Funds
The venture to complete the replacement of 450,000 old...
NIOPDC to Export  8,000 Tons of Diesel
Close to 10,000 tons of diesel were exported to Iraq and...

Trending

Googleplus