The government plans on repaying USD 500 mn of the USD 3.5 bn it owes IOCs next month, top Petroleum Ministry officials tell Al Borsa. The figure differs from what Petroleum Minister Tarek El Molla had announced late last month, when he promised that Egypt would be cutting its overdue arrears by half “within weeks,” using funds from the second tranches of its loans from the World Bank and African Development Bank.

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