Egypt Reduces Arrears Owed to Foreign Oil Companies to $3.4 Bln

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.

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.

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