Egypt will repay $850 million in arrears to international oil companies (IOCs) operating in Egypt, said Tarek Amer, governor of the Central Bank of Egypt, according to CNBC Arabia.
Amer did not mention the total debts to IOCs, nor the timeline for repaying them.
The Ministry of Petroleum and Mineral Resources will repay debts of $200 million to several IOCs in June 2018, sources at the ministry previously told Al Borsa.
The government is attempting to repay the entirety of the country’s debt to IOCs in order to attract further foreign investment, and to increase oil and natural gas production rates.
The north African country paid $200 million in arrears owed to foreign oil companies in January 2018, according to Egypt’s Minister of Finance, Amr El Garhy, Reuters previously reported.
Egypt’s debts to IOCs stood at $2.4 billion in June 2017.