The Egyptian oil ministry said it will aim to repay its $3.1bn debt to foreign oil and gas companies by mid- 2016, around a year later than previously indicated, Reuters reports.
“All current operational payments have been made on time and are on track to repay any remaining arrears before mid-2016,” the ministry said in a statement to Reuters late on Monday.
Arrears currently stand at $3.1bn after fter the government made payments of nearly $5bn in November and December last year.
November last year Egypt vowed to repay all its debts within six months. However, payments have been delayed due to an unstable economic situation in the country, which has been further aggravated by lost revenues from gas export diverted for domestic consumption.Â
International firms are showing reluctancy to increase investment in exploration and production, particularly offshore, until the government repays its debt.
