In June, Egypt will pay off 20% of the outstanding dues to foreign oil and gas companies operating within its borders, according to two unnamed oil insiders cited by Asharq Business.
The dues owed to foreign firms engaged in oil and gas exploration, drilling, and extraction at the Egyptian General Petroleum Corporation (EGPC) stand at approximately $4.5 billion, as per data from the International Monetary Fund (IMF).
In March, Egypt paid $1.5 billion to these companies, an amount Bloomberg estimates covers 20% of the total dues.
