Marketing-Börse PLUS - Fachbeiträge zu Marketing und Digitalisierung
print logo

$500m of foreign partners’ dues to be paid by the end of 2015

Ministry of International cooperation to assist Ministry of Petroleum with a share of the African Development Fund loan.
22.11.15 | Source: Daily News Egypt

The Ministry of Petroleum plans to repay $500m of Egypt’s dues to foreign partners by the end of 2015, making use of a $1.5bn loan obtained from the African Development Fund (ADF).

The loan, which is being secured by the Ministry of International Cooperation, will help reduce dues to foreign companies that amounted to $2.7bn in October.

An official source at the Ministry of Petroleum told Daily News Egypt that the ministry is coordinating with the Ministry of International Cooperation to set a date for the loan to be obtained.

He added that the ministry is working hard to repay its dues to foreign companies in the petroleum sector, with the aim of encouraging them to increase investments in oil and natural gas research and exploration.

Minister of Petroleum and Mineral Resources Tarek El Molla said in remarks at Bahrain’s APICORP Energy Forum that foreign companies’ dues had been reduced to $2.7bn by the end of October last year, from $2.9bn in September.

FREE NEWSLETTER