The governor of the Central Bank of Egypt (CBE), Tarek Amer, said that the bank will pay $750m of arrears to International Oil Companies( IOCs) by June 2017. Amer mentioned that the bank already paid $750m earlier, accordingly the total paid amount, since the beginning of 2017 till June, will reach $1.5b, Al Shorouk informed.
In addition, he pointed out that Egypt is committed to paying all financial dues to all parties, noting that the level of foreign exchange reserves is very good, as it reached its highest level since the revolution of 25 January 2011.
In related news, The Egyptian General Petroleum Corporation (EGPC)’s Head, Abed Ezz El Regal, stated during the meeting at the American Chamber of Commerce that Egyptian arrears to international oil companies (IOCs) decreased from $3.6b to $3.4b by end of April 2017.
Ezz El Regal told Egypt Oil&Gas that the Ministry of Petroleum and Mineral Resources is continuing in paying back IOCs in order to attract $10b investments in 2018. The Ministry further aims to boost investments to $32b within 3 years after applying the new investment law, which will facilitate Egyptian oil and gas investment process.