Egypt: Debt to foreign oil firms mounts

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Egypt’s debt to foreign oil firms operating in the country was $5.9 billion (R61bn) by the end of last month, Tarek El Molla, the chairman of state-run Egyptian General Petroleum, said yesterday. Money owed to foreign oil majors including BP and BG Group totalled $4.9bn in December last year, indicating that debts continue to mount even though Egypt paid back $1.5bn to the firms at the end of last year in an effort to restore investor confidence. – Reuters

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