Egypt's Debts to Foreign Oil Companies Reach $3.4b in June

Egypt's debts to foreign oil companies reached $3.4 billion by the end of June, a Sunday petroleum ministry statement read. This figure is up from $3.2 billion at the end of March.

The government has also completed the purchasing of foreign oil companies' shares of crude oil and natural gas in the 2015/2016 fiscal year, which is worth $5.4 billion.

Egypt also paid $100 million accumulative arrears owed to foreign companies in 2015/2016, and is expecting to pay off a new portion of the debts during the last quarter of 2016.

Egypt is expecting to end exporting natural gas by the fiscal year 2020-2021, the statement added.