Egypt’s arrears to international oil companies (IOC) fell by 5.5% to $850 million at the end of June, down from $900 million in 2019, the Minister of Petroleum and Mineral Resources Tarek El Molla told Reuters.

Previously during fiscal year (FY) 2011/12, Egypt’s arrears had accumulated to $6.3 billion after the January 2011 revolution. Since FY 2014/15, it has been declining steadily as the state continued to pay down its debts and aimed to establish Egypt as a regional energy hub.