Egypt's CBE issues EGP55b in T-bills    Egypt, Norway's Scatec explore deeper cooperation in renewable energy    Emergency summit in Doha as Gaza toll rises, Israel targets Qatar    Egypt's EDA, Korean pharma firms explore investment opportunities    CBE, banks to launch card tokenization on Android mobile apps    CIB completes EGP 2.3bn securitization for GlobalCorp in seventh issuance    Ex-IDF chief says Gaza war casualties exceed 200,000, legal advice 'never a constraint'    Right-wing figures blame 'the Left' for Kirk killing, some urge ban on Democratic Party    Egypt's FM heads to Doha for talks on Israel escalation    Egypt strengthens inter-ministerial cooperation to upgrade healthcare sector    Egyptian government charts new policies to advance human development    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt expresses condolences to Sudan after deadly Darfur landslides    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Foreign, housing ministers discuss Egypt's role in African development push    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    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.