CAIRO, June 26 Egypt will pay $1.5 billion of
the money it owes to foreign energy companies by the end of
2014, its oil minister said on Thursday, as the government aims
to lure back wary investors to tap its reserves and boost
production to meet soaring demand.
The government has pledged to repay $3 billion of the more
than $6 billion it owes to companies including BG Group
and BP by 2017 to encourage companies to increase
exploration and production.
Sherif Ismail also told reporters that Egypt's natural gas
production would increase by 550 million cubic feet per day by
year-end, up from the 500 million cubic feet daily announced
earlier this month.
(Reporting By Abdel Rahman Adel and Ehab Farouk; Writing by
Maggie Fick; editing by John Stonestreet)