In an interview with Daily News Egypt, Tarek El-Molla, Chairman of EGPC, confirmed the reduction of Egypt’s debt to foreign oil companies to the current $2.9b.“The foreign partners’ dues declined at the end of August 2015 to approximately $2.9bn, compared to $3.5bn,” said El-Molla. “The part that has been paid was distributed by ratio to all foreign companies working in the petroleum sector. Another part of the foreign companies’ dues is intended to be paid by the end of this year, and we are currently working on determining the means for providing the amount that we have not specified yet,” he added.