Oil Egypt accountACCOUNT King Tut

Egypt to Halve Arrears with Oil Companies in Coming Weeks

Source: Reuters 3/29/2017, Location: Egypt

Share |
Egypt expects to cut the $3.5 billion euros it owes to international oil companies by around half in coming weeks, the Egyptian oil minister said on Wednesday.

"We have made a lot of progress on paying off arrears," Tarek El Molla said at an oil and gas conference.

The minister also said he expected to finalise an agreement to import crude oil directly from Iraq in a month at the most.

"We will import around 1 million barrels a month," he said.

Asked when Egypt might become an exporter of oil and gas, Molla said the country would be self sufficient by the end of 2018.

"Starting from 2019 and beyond we can start talking about exporting," he said.

Egypt >>  11/15/2017 - ADES International Holding Ltd. (ADES), the London-listed company providing offshore and onshore oil and gas drilling and production services in the M...
Egypt >>  11/14/2017 - Egyptian Oil Minister Tarek El Molla said initial negotiations have taken place with Saudi Arabian state oil company Aramco to refine oil in Egypt. ...

Egypt >>  11/14/2017 - Russia’s largest oil producer Rosneft will invest more than $2 billion in Egypt’s Zohr gas field in the next four years, the company said in a present...
Egypt >>  11/13/2017 - The newly named MV Kobi Ruegg has joined Fugro’s vessel fleet and is set to begin her first project in the Egyptian sector of the Mediterranean Sea. ...

Egypt >>  11/11/2017 - Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources signed a new upstream agreement in East Esh El Malaha area” Offshore Magawish” betwee...
Egypt >>  11/4/2017 - Bonatti Group has been awarded an electrical and instrumentation contract for the development of Zohr, the supergiant gas field discovered in 2015 in ...

Related Categories: Accounting, Statistics  Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services  Risk Management 

Related Articles: Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us