Al-Sisi, Putin mark installation of reactor pressure vessel at Egypt's first Dabaa nuclear unit    Egypt, Angola discuss strengthening ties, preparations for 2025 Africa–EU Summit in Luanda    Gaza accuses Israel of hundreds of truce violations as winter rains deepen humanitarian crisis    Egypt concludes first D-8 health ministers' meeting with consensus on four priority areas    Egypt, Switzerland's Stark partner to produce low-voltage electric motors    EGX closes in green area on 19 Nov    Egyptian Golf Federation Redraws the Sport's Landscape, Positioning Egypt as a Global Hub for Major Championships    Egypt, South Africa advance economic cooperation in trade, logistics    Gold prices rise on Wednesday    Deep Palestinian divide after UN Security Council backs US ceasefire plan for Gaza    Egypt scraps parliamentary election results in 19 districts over violations    Health minister warns Africa faces 'critical moment' as development aid plunges    Egypt's drug authority discusses market stability with global pharma firms    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Cairo hosts African Union's 5th Awareness Week on Post-Conflict Reconstruction on 19 Nov.    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt to pay $1 bn to foreign oil firms Monday: Central bank
Egypt's ministry of petroleum received a billion dollars from the state's central bank to repay the foreign oil companies
Reuters Published in Ahram Online on 22 - 12 - 2013

Egypt's central bank has delivered $1 billion to the Ministry of Petroleum to repay on Monday part of the state's debt to foreign oil companies, the central bank governor said on Sunday.
Egypt pledged last week to pay $300 million of the money it owes to foreign oil companies in Egyptian pounds starting in December as part of a $1.5 billion repayment scheme designed to revive confidence in its economy after years of turmoil.
The country has also said it would repay a further $3 billion of the $6.3 billion it says it owes foreign oil companies operating in the country in monthly installments until 2017.
"The central bank has transferred on Thursday $1 billion to the petroleum ministry to pay the late debts of oil foreign companies and the ministry of petroleum will tomorrow pay the foreign companies," central bank governor Hisham Ramez told Reuters.
Egypt wants to encourage foreign oil companies in the country to increase exploration and production in exchange for a more rapid repayment of the money it owes them.
The country has been struggling to meet soaring energy bills caused by high subsidies on fuel products for its 85 million population.
The government's ability to pay oil companies and contractors was hit after the popular uprising that ousted president Hosni Mubarak in early 2011 affecting tourism and investment and cutting tax revenue.
Financial disclosures by firms including BP, BG Group, Edison SpA and TransGlobe Energy show Egypt owed them more than $5.2 billion at the end of 2012.
Political turmoil has intensified since the overthrow of president Mohamed Morsi of the Muslim Brotherhood in July.
Egypt's foreign currency reserves, which stood at $36 billion before Mubarak was ousted in 2011, have been under pressure since then. They fell to $17.8 billion in November from $18.6 billion in October.
Since the removal of Morsi, Saudi Arabia, Kuwait and the United Arab Emirates promised Egypt a total of $12 billion in grants, interest-free loans and oil products.
http://english.ahram.org.eg/News/89801.aspx

Clic here to read the story from its source.