Egypt’s arrears to international oil companies fell to USD 850 mn at the end of June

Egypt’s arrears to international oil companies fell to USD 850 mn at the end of June, down from USD 900 mn a year earlier, despite the financial pressure caused by the covid-19 pandemic, Oil Minister Tarek El Molla told Reuters on Wednesday. Egypt’s arrears bill ballooned to USD 6.3 bn in the wake of the 2011 revolution but has steadily declined since FY2014-2015 as the government worked to pay down its debts and attract investors into its energy sector. Egypt was previously aiming to pay its arrears in full by the end of 2019.