Foreign partners reduce gas production as a result of accumulation of Egyptian government debts/ AFP Photo
The government is aiming to repay a large part of its dues, which total almost
The dollarised loan arrangement, the value of which has not yet been determined, will be proposed to foreign banks in order to pay part of the dues to foreign partners in US dollars.
El-Molla pointed out that while the value of the loan is still under discussion, it will be provided for under the loan ceiling in
He added that a loan arrangement of
Dues to foreign partners in the petroleum sector have amounted to
He added that the EGPC was unable to abide by the agreements it entered into with foreign partners in regards to the debt repayment schedule due to the EGPC's need to bear the expenses for incoming shipments of petroleum products that were essential to the country.
The agreement also states that the repayment for the rest of the debt will be done through the EGPC's own resources, in monthly instalments until 17 December.
El-Molla added that a new schedule for these payments would be determined after loans are determined at local and foreign banks, which will help in reducing the government's indebtedness to foreign partners.
Foreign petrol companies that are operating in
Currently, there are about 70 international oil companies operating in the fields of research, exploration, and production of petroleum products in
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