Minister of Petroleum and Mineral Resources, Sherif Ismail announced Saturday that Egypt has succeeded in dropping foreign oil companies' dues to 50%, Al Arabiya News reported. Ismail said that his ministry succeeded within the framework of a comprehensive strategy carried out for the reform of energy subsidies, in dropping foreign oil companies' dues and efforts are continuing to pay off the rest of the dues as soon as possible. The minister explained that the exceptional circumstances faced by Egypt during the past four years have led to the presence of a temporary gap between production and consumption of natural gas and petroleum products. He pointed out that there is a clear vision to secure energy supply for the domestic market and development projects taking place in Egypt as part of its quest to achieve the aspirations of the Egyptians in a better future.
