GulfBase Live Support
Leave a message and our representative will contact you soon
06/07/2015 15:42 AST
Egypt's debts to foreign oil companies stood at $3.5 billion dollars at the end of June, a 6.1 percent increase from March, an official at state-owned Egyptian General Petroleum Corporation (EGPC) said on Sunday.
The country's payments to oil and gas companies have been delayed by economic instability since a popular uprising ousted leader Hosni Mubarak in 2011.
"Foreign oil company dues with Egypt have reached $3.5 billion dollars," an EGPC official told Reuters on condition of anonymity.
Egypt's oil ministry said in March that it aimed to fully repay its debts to energy companies by mid-2016, about a year later than previously indicated. In April a ministry spokesman said Egypt had paid foreign energy firms $9.369 billion in arrears in the nine months to March 31.
Arrears began to accumulate before the 2011 uprising but they swelled to billions of dollars amid worsening state finances while the government used gas earmarked for export to meet domestic demand.
Reuters
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
Saudi Arabia's Public Investment Fund (PIF) has signed an agreement with Six Flags to develop and design an amusement park in Riyadh. Six Flags, the world’s leading international amusement park compa
Arab News
05/04/2018
In an exclusive interview with Arab News, Turki Mohammed Al-Shehri explains how an expanding renewables industry will boost employment as well as pave the way for a greener future.
A massiv
Arab News
05/04/2018
Dubai’s residential property market continued to soften in the first three months of this year, in line with analysts’ forecasts, with rental values recording a more pronounced fall than sales prices
The National
05/04/2018
Buoyed by a strong oil price of $70 per barrel, Saudi Arabia’s Tadawul shot up by over 6 per cent in March 2018, according to Kuwait Financial Centre’s (Markaz’s) recently released Monthly Markets Re
Times of Oman
05/04/2018
Qatar banks’ combined credit facilities to real estate sector rose by QR17bn to QR147.7bn in 2017. The banks’ credit to various sectors stood at QR911bn at the end of 2017, up from QR839bn recorded i
The Peninsula