Egypt paid $200 mln in foreign oil company arrears in Jan - finance minister - REUTERS

JANUARY 21, 2018 / 9:09 AM

Reporting by Ehab Farouk; Editing by Muralikumar Anantharaman

CAIRO, Jan 21 (Reuters) - Egypt’s Finance Minister Amr El Garhy said on Sunday the country had paid $200 million in arrears owed to foreign oil companies in January, and would pay another $550 million in February and March.

Egypt owed foreign oil companies $2.4 billion at the end of June 2017, the petroleum ministry said this week. There was no newer figure.

Cairo has pledged to eliminate arrears by the end of June 2019 and not to accumulate more, part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries. 

EC’s Director General meets with Finance and Petroleum Ministers - ENTERPRISE / EGYPT'S MINISTRY OF PETROLEUM

Thursday, 13 April 2017

Finance Minister Amr El Garhy discussed cooperating with the European Commission on improving the country’s tax system with its Director GeneralChristian Danielsson on Wednesday. The commission’s delegation expressed interest in providing technical and financial support to improve the efficiency of Egypt’s tax collection, and helping bring up revenues in line with economic performance, according to a ministry statement.

The European delegation also sat down with Oil Minister Tarek El Molla to discuss implementing the Natural Gas Act, which would deregulate Egypt’s gas market and see the state take on the role of regulator. They discussed the possibility of the EU funding more sustainable energy projects, according to a statement from the ministry.

Egypt to cut fuel subsidies as govt seeks to reduce deficit - AHRAM ONLINE / REUTERS

A female employee poses with a fuel pump at a petrol station
in Cairo, Egypt February 24, 2016. (ReUters)

Reuters , Sunday 10 Apr 2016

Egypt will reduce spending on fuel subsidies by nearly 43 percent in the 2016/17 budget due mainly to lower global energy costs, officials said on Saturday.

Finance Minister Amr El-Garhy told a news conference state energy subsidies would fall to 35 billion Egyptian pounds ($3.94 billion) from about 61 billion pounds in the 2015/16 budget.

Consumers reacted angrily when the government cut spending on energy subsidies in mid-2014, a measure that caused domestic prices of natural gas, diesel and other fuels to rise by as much as 78 percent. They were reduced again in the current budget.