Egypt reduces arrears owed to foreign oil firms to $3.4bn
CAIRO, July 4, 2016
Egypt has reduced the arrears it owes foreign oil companies to $3.4 billion in 2015/16 from $3.5 billion a year earlier, Petroleum Minister Tarek El Molla told Reuters on Monday.
El Molla also said that Egypt received crude oil and natural gas from the foreign partners' share during 2015/16 worth $5.4 billion. Egypt paid them $5.5 billion.
Meanwhile, Egypt's EGPC issued a tender to buy up to 165,000 tonnes of 0.1 percent sulphur gasoil in five cargoes during August, according to the tender documents.
It requested cargoes of 30,000-33,000 tonnes for delivery into Alexandria or El Dekheila, with the delivery window for the first cargo set for August 10-12.
The deadline for submitting offers is July 14 at 1100 GMT, and offers will remain valid until July 21 at 2200 GMT. --Reuters
