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CAIRO: Egypt's Petroleum Minister Tarek El Molla said on Thursday $5 billion had been invested in the country's giant Zohr offshore gas field in the Mediterranean Sea, out of an expected total investment of $12 billion.
El Molla also said Egypt owed foreign oil companies $2.4 billion at the end of June 2017.
Egypt said in June last year it had repaid $2.2 billion in three weeks.
Cairo has pledged to eliminate arrears by the end of June 2019 and not to accumulate more, part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.
The Zohr field began production last month. (Reporting by Omar Fahmy and Ehab Farouk, writing by John Davison; Editing by Adrian Croft)
© Reuters News 2018
El Molla also said Egypt owed foreign oil companies $2.4 billion at the end of June 2017.
Egypt said in June last year it had repaid $2.2 billion in three weeks.
Cairo has pledged to eliminate arrears by the end of June 2019 and not to accumulate more, part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.
The Zohr field began production last month. (Reporting by Omar Fahmy and Ehab Farouk, writing by John Davison; Editing by Adrian Croft)
© Reuters News 2018
