An official source in the Egyptian oil sector stated to Egypt Oil&Gas that PM Sherif Ismail’s cabinet wants to reschedule the debts to foreign oil companies operating in Egypt during 2017 in order to be able to pay out the entire debt by 2019.

The source also mentioned that the Egyptian government is determined to reduce the debts of foreign oil companies to $2.8b by the end of 2017, to be able to pay off part of the debts of foreign oil companies every three months. The process will consists of 60% being paid in USD and 40% in EGP.

The debts to foreign oil companies are currently standing at $3.5b, while it was $3.6b in November 2016.

The cabinet aims to ensure the continuation of pumping new foreign investments in the oil sector during the upcoming years, and securing the completion of development and exploration plans in all of the Egyptian concession areas.