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Financials

Egypt reduces arrears owed to foreign oil companies to $3.4 bln

CAIRO, July 4 (Reuters) - Egypt has reduced the arrears it owes foreign oil companies to $3.4 billion in 2015/16 from $3.5 billion a year earlier, Petroleum Minister Tarek El Molla told Reuters on Monday.

El Molla also said that Egypt received crude oil and natural gas from the foreign partners’ share during 2015/16 worth $5.4 billion. Egypt paid them $5.5 billion. (Reporting by Ehab Farouk; writing by Asma Alsharif; editing by Louise Heavens)

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