million at end of June - Minister Exclusive: Egypt`s arrears to foreign oil firms fall to $900

Exclusive: Egypt`s arrears to foreign oil firms fall to $900 million at end of June - Minister

CIO - At the end of June a month ago, foreign oil companies' barriers in Egypt rejected a $ 900 million-plus $ 1.2 billion shortfall, the Petroleum Minister said Thursday. Further balance will be paid soon.

Tariq al-Islam also told Reuters that the total monthly payments to Egypt's foreign oil companies were $ 7 million.

Italy's ENI, BP, Royal Dutch Shell and Italian Energy Group Edition have recently launched energy exploration work in Egypt.

After the 2011 uprising, the remnants of foreign oil companies were forced to reach $ 6.3 billion in the 2011-12 financial year by long-time ruler Hosni Mubarak.

But they have fallen short since 2014 as Egypt sought to become a regional energy hub.

In June 2017, Egypt lent $ 2.4 billion to foreign oil companies.

Moula said he hoped the remaining leaders would be paid soon, but did not give any specific time.

Cairo has pledged not to raise too much money to attract new foreign investment in the energy sector, which has sparked interest after several major gas discoveries.

(Reporting by Ahmed Ismail; Writing by Sami Abboudi; Edited by Blair and Emilia Sitolol - Editing by Matisse)