Egypt to Pay $750M toward Arrears

Egypt will pay $750 million toward its arrears to international oil companies (IOCs) by the end of 2017, the Minister of Petroleum and Mineral Resources, Tarek El Molla, said, according to Ahram Online.

Earlier this week, he said Egypt would make a payment, but didn’t specify the amount, according to Reuters.

The government currently owes IOCs $2.3 billion. Earlier this year it made a payment of $2.2 billion.

Arrears to IOCs peaked in 2015 at $6.3 billion.

If Egypt maintains its current rate of repayments, it will have them paid off within two years, El Molla had previously stated, according to Reuters.