Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Egypt Pays Foreign Oil Companies $6.5 Billion Owed, Borsa Says

Don't Miss Out —
Follow us on:

March 19 (Bloomberg) -- Egypt’s government paid foreign energy companies $6.5 billion in overdue payments owed this year, Al Borsa reported, citing Oil Minister Osama Kamal.

The North African country still owes international oil companies at least $200 million, Kamal said, according to the Cairo-based financial newspaper. The report didn’t identify any of the companies involved, nor did it quantify any amounts owed from previous years. The newspaper also didn’t specify whether Kamal was referring to the government’s fiscal year, which runs from July 1 to June 30, or the calendar year.

Kamal said Egypt paid the equivalent of $1 billion of the total amount in Egyptian pounds because of its shortage of foreign currency, Al Borsa reported.

El-Watan newspaper reported on Feb. 19 that Egypt owed foreign oil companies about $9 billion, citing Industry and Trade Minister Hatem Saleh. Egypt’s foreign currency reserves have tumbled more than 60 percent from December 2010 to about $13.5 billion.

Hamdi Abdel Aziz, a spokesman for the Oil Ministry, and Mahmoud Nazim, an undersecretary at the ministry, couldn’t be reached on their mobile telephones for comment.

To contact the reporter on this story: Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Raj Rajendran at rrajendran4@bloomberg.net