Government to repay more of its arrears to IOCs before end of 2017

The government is planning to repay a portion of its arrears to international oil companies before the end of 2017, especially as they have been expanding their investments in the country, Prime Minister Sherif Ismail told the press on Sunday, Al Mal reports. IOCs had raised investments in Egypt to USD 10 bn this year, while arrears had dropped to USD 2.3 bn, their lowest levels since 2013, Oil Minister Tarek El Molla said last month.