January 21, 2018 / 7:20 AM / in a month

Egypt pays $200 million in foreign oil company arrears in January: finance minister

CAIRO (Reuters) - Egypt’s Finance Minister Amr El Garhy said on Sunday the country had paid $200 million in arrears owed to foreign oil companies in January, and would pay another $550 million in February and March.

Egypt owed foreign oil companies $2.4 billion at the end of June 2017, the petroleum ministry said this week. There was no newer figure.

Cairo has pledged to eliminate arrears by the end of June 2019 and not to accumulate more, part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.

Reporting by Ehab Farouk; Editing by Muralikumar Anantharaman

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