New Minister of Petroleum and Mineral Resources Tarek El Molla said that the value of foreign partners’ share of oil and gas declined by 26% from $880m in FY 2014/2015 to reach $650m per month during current FY 2015/2016 , reported Daily News Egypt.

The foreign partners’ monthly share of gas and oil declined by nearly $230m in fiscal year (FY) 2015/2016, due to the continued decline of global Brent prices.

He emphasized that the value of the partners’ share of gas and oil is regularly repaid on a monthly basis, to avoid the increase in their financial dues to the Petroleum Ministry.