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Egypt Says It Will Pay $1.3bln in Arrears to Oil Companies by June
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Egypt to clear $1bn debt to oil companies by June
Egypt plans to clear outstanding payments to international oil companies as it moves to rebuild investor confidence and revive exploration activity, according to a statement issued by the cabinet. The North African country will settle $1.3 billion it owes by June 2026, the ministry of petroleum and mineral resources said. Karim Badawi, the petroleum minister, said foreign investment was needed to increase domestic oil and gas production, thereby…
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