The government will pay arrears to international oil companies in part through the second tranche of the USD 3 bn World Bank development loan, an Oil Ministry official tells Al Shorouk. Arrears owed currently stand at USD 3.5 bn as December, Oil Minister Tarek El Molla had previously stated. This comes as the ministry has requested that the CBE allocate USD 270 mn per month to cover daily gas imports of 1.4 bcf, starting from June, Al Borsa reports, citing an unnamed ministry source. The ministry’s request comes as CAPMAS announced that natural gas consumption is on the rise, climbing by 11.8% last October.

Tags: