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Egypt: Government promises to pay part of EGPC arrears

The government has promised to pay $1.5bn of the $6bn it says it owes oil firms in an effort to revive investor confidence and boost investment in the energy sector. “There is approval to pay $1.5bn,” interim prime minister Hazem El-Beblawi told a business conference in Cairo on 4 December aimed at attracting investment from Gulf states. While oil companies remain undeterred by Egypt’s political upheavals, stressing that both onshore and offshore operations are unaffected, they are suffering a growing financial burden from unpaid arrears owed to them by Egyptian General Petroleum Corporation and its subsidiaries.

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