El Molla: NOCs to Pay All Debts to IOCs by End of 2019

El Molla: NOCs to Pay All Debts to IOCs by End of 2019

Egypt’s national oil companies (NOCs) will pay all debts owed to international partners before the end of 2019, oil minister Tarek El Molla announced, Egypt Oil & Gas reports.

The minister also said that debts owed to IOCs have now fallen to $1.2 billion, beating 2010’s record low of $1.35 billion.

The Oxford Institute for Energy Studies published contrasting figures in June that Egyptian NOC debts to IOCs fell from $2.3 billion in October 2017 to $2 billion in Q2 2018. However, it is not clear how the report’s authors obtained their figures.

NOCs also owe EGP 130 billion to government ministries, El Molla added. A committee has been established in collaboration with the cabinet to facilitate debt repayments.

 

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