Minister of Petroleum and Mineral Resources, Tarek El Molla, said that the sector’s debt to foreign partners has not exceeded $3b. The minister denied as rumors recently published information that the country’s debt increased to about $4b. He emphasized that the Oil Ministry was regularly announcing the volume of its debts to international oil companies and foreign partners every three months.
In an exclusive statement to Egypt Oil & Gas, Engineer El Molla said that the Ministry’s main goal was to resolve the debt crisis and that foreign partners would receive their due payments. The ministry will provide the arrears either in Egyptian pounds or in US dollars. El Molla noted that Egypt’s foreign energy partners understand the current economic situation of the country.