CAIRO, June 8 Egypt has reduced arrears owed to
foreign oil companies to $2.3 billion, the Egyptian oil ministry
said in a statement on Thursday.
The country repaid $2.2 billion in three weeks, the
Once an energy exporter, Egypt has turned into a net
importer in recent years, squeezed by declining production and
Cairo has pledged to eliminate the arrears by the end of
June 2019 and not accumulate more, part of its drive to draw new
foreign investment to an energy sector that is attracting
interest following several major gas discoveries.
(Reporting by Ehab Farouk; Writing by Amina Ismail; Editing by