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.