Petroleum Sector to Repay $1B to IOCs Each Year

Petroleum Sector to Repay $1B to IOCs Each Year

The Egyptian oil and gas sector plans to repay $1 billion each year to international oil companies (IOCs) that work in Egyptian concession areas, an official source at the Egyptian General Petroleum Corporation (EGPC) told Amwal Al Ghad.

The Egyptian government has repaid $5.1 billion to IOCs over the past four years, which has decreased its arrears to $1.2 billion.

The government hopes that, by demonstrating commitment to paying the arrears, IOCs’ confidence will improve and investment in exploration and production projects will increase.

The source revealed the plans on the sidelines of the 15th International Arab Mineral Resources Conference, an event designed to increase investment in the country’s mining sector and discuss future prospects.

Sarah Samir 3401 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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