Arrears owed by Egypt to IOCs fall to USD 900 mn

Arrears to IOCs fall to USD 900 mn, on track to be cleared by the end of the year: Arrears owed by Egypt to international oil companies have fallen to USD 900 mn as of the end of June, down from USD 1.2 bn a year ago, Oil Minister Tarek El Molla told Reuters on Thursday. He added that total monthly payments to foreign oil companies stood at USD 700 mn. At this rate, Egypt could be well on its way to meeting its target of clearing arrears owed since 2011 by the end of this year.