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A refinery is pictured at branch of petroleum company Petrojet in the Mediterranean city of Alexandria. Amr Dalsh, Reuters Image for illustrative purpose
The Egyptian government will pay off dues owed to foreign oil companies totaling $3.2 billion in three installments before the end of the current fiscal year (FY) 2024/2025, a government official told Asharq Business.
The first installment, worth $1.2 billion, is set to be paid in October, the official noted.
Earlier this month, the government reportedly paid a new tranche of outstanding dues to foreign oil and gas companies operating in the country, accounting for around 20% to 25% of arrears, at the end of June.
It is worth noting that the Egyptian General Petroleum Corporation’s (EGPC) dues to foreign gas and oil companies have reached around $4.5 billion, according to a report issued by the International Monetary Fund (IMF) earlier in March.
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