Egypt pays US$1 billion in foreign oil companies’ dues ...Egypt

EGYPT INDEPENDENT - Economy
Egypt pays US$1 billion in foreign oil companies’ dues
source : EGYPT INDEPENDENT ( Egypt ) () 131
A government source said on Sunday that Egypt has paid one billion dollars in overdue dues to foreign oil companies on Monday, as the government seeks to pay off foreign oil companies’ arrears to increase natural gas production, after production declined to 4.6 billion cubic feet per day. The source pointed out that the total dues amount to $4.5 billion, according to an International Monetary Fund report in March, of which Egypt paid $1.3 billion as a first installment in June, then $1.2 billion in September, and finally one billion dollars on Monday. The total amount paid amounted to $3.5 billion, leaving about one billion of the total amount due, in addition to $1 billion in interest on th

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