Egypt: Oil, gas debt to be settled late

Egypt aimed to fully repay its $3.1 billion (R36.2bn) debt to foreign oil and gas companies by the middle of next year, around a year later than previously indicated, the oil ministry said this week.

“All current operational payments have been made on time and (Egypt is) on track to repay any remaining arrears before mid-2016,” the ministry said in a statement.

After making payments of nearly $5bn in November and December, arrears stood at $3.1bn, it said. In November, Egypt said it would repay all its debts within six months.

Egypt has delayed payments to oil and gas firms as its economy has been hammered by three years of instability since a popular uprising ousted leader Hosni Mubarak.