The Egyptian Ministry of Civil Aviation’s indebtedness to the Ministry of Petroleum increased to EGP 7 billion by the end of 2017, according to Arab Finance.
The information was revealed to the website by a source at the Ministry of Petroleum and Mineral Resources.
The source added that the Ministry of Aviation continues to pay a small part of the invoice for the supply of petroleum products, despite its debt levels.
Meanwhile, the Ministry of Transportation owed the Ministry of Petroleum EGP 2.6 billion by the end of 2017, according to Youm 7.
The arrears of the industrial sector reached EGP 11 billion in the same time period.
The Egyptian Natural Gas Holding Company (EGAS) put forward an initiative to lower the industrial sector’s debt levels over the next two years. While the indebted companies are obliged to pay the current drawdown of natural gas, they demanded an increase in the installment period which is currently being negotiated.
Cement factories account for the largest part of the industrial sector’s debt.