Egypt pays $1.5 bln to foreign energy companies - oil ministry

Egypt has delayed payments to oil and gas firms since a popular uprising ousted autocrat Hosni Mubarak in 2011 and brought on almost three years of instability. Some of the debts were incurred before the revolt.

The Arab world's most populous country faces its worst energy crisis in decades. It still owes foreign energy firms $4.9 billion after this latest payment, which was financed by a loan from Egyptian banks, according to the statement.

"The government aims to reduce the debt owed to partners in the oil sector to an appropriate level to motivate them to intensify research and exploration," said Oil Minister Sherif Ismail.