Ministry of Petroleum debts threaten gas supply to Egypt plants

The Egyptian Ministry of Petroleum's debts to foreign companies now stand at U.S. $4 billion, senior sources reported today.

Increasing debts in the Egyptian Ministry of Electricity and other governmental authorities, which are now eclipsing 40 billion EGP (U.S. $6.7 billion), are causing the increased dues.

Negotiations between the Ministry and the Chairman of Foreign Companies are underway to settle the debts.

In attendance at the meeting were officials from the Egyptian Ministry, British Petroleum Company, British Gas and Malaysian Petronas Company. Participants are hashing out a three-year repayment agreement, in lieu of a one-year plan.

Such debts threaten a halt in production at Egyptian factories, experts claim.