International oil companies’ investments in Egypt increased to USD 8.1 bn in FY 2016-17 from USD 6.6 bn a year earlier, Oil Minister Tarek El Molla told Reuters. El Molla had said in June that arrears to IOCs were reduced to USD 2.3 bn, a sign of confidence for investors. Egypt is planning on repaying all its arrears by June 2019 and not accumulating any more.

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