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Egypt expected to pay $1 billion to international oil firms within 2 months

23 Apr 2014
Egypt is expected to pay approximately $1 billion to the international oil companies it owes funds to within the next two months, following the country’s uprising in early 2011.

The total amount owed is estimated to be at over $6.3 billion and last year the country said it back a £1.5 billion chunk as part of a repayment scheme which sought to revive confidence in the economy after years of turmoil. 

Egypt has previously said it would repay a further $3 billion in monthly instalments until 2017 as an incentive to encourage foreign oil companies to increase exploration and production in the country.

The country has been struggling to meet soaring energy bills caused by high subsidies on fuel products for its 85 million population.