Egypt agrees timetable to pay $3 bln to oil firms

CAIRO Thu Dec 5, 2013 7:24am EST

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CAIRO Dec 5 (Reuters) - Egypt has agreed on a timetable to pay $3 billion of the $6.3 billion it says it owes foreign oil companies, the state news agency reported, as part of the drive to revive confidence in its economy hammered by nearly three years of political turmoil. The most populous Arab state struck deals to pay the amount in monthly instalments until December 2017 and is negotiating payment on the remaining $1.8 billion owed, state news agency MENA said.

On Wednesday Egypt announced it would pay down $1.5 billion of the money it owes foreign oil firms.

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