During a press conference, Tarek El Molla, Minister of Petroleum and Mineral Resources, said that currently the debt owed to foreign oil companies stands at $3b, reported Egypt Oil & Gas.

Originally $6.5b, the decrease in dues have helped give partners more trust, encouraging further investments in exploration and production.

El Molla also confirmed that the ministry will continue paying their dues whether in Egyptian pounds or in dollar until the investments of this sector get recovered.