CAIRO: Egypt repaid foreign energy firms $9.37 billion in accumulated debt in the past nine months to March 31, the Petroleum Ministry spokesman announced Thursday.
The outstanding debt Egypt owes to foreign oil and gas companies is estimated at $3.3 billion by March-end, the statement read.
“Egypt’s oil sector is committed to paying back its debt to motivate its foreign oil and gas partners to inject more investments in exploration and speed up fields’ development to raise production rates,” it added.
This comes amid efforts to tackle the country’s worst energy crisis; rolling power cuts in the summer, caused by fuel shortfalls at power plants and increasing demand, have become routine since the January 25 Revolution in 2011.
To procure energy for running power plants ahead of the upcoming summer, Egypt recently contracted with five foreign companies to import 90 shipments of fuel, 45 of which are scheduled to be delivered in 2015 and 2016.