Egypt is preparing a timetable for
the repayment of arrears on its debts to foreign oil companies
operating in the country, the Petroleum Ministry said in an
emailed statement on Sunday.
The companies will be asked to agree to the proposal, which
is being drawn up in coordination with various government
entities. The debts have been accumulated over several years.
It hopes that by paying back the arrears it will encourage
companies to increase investments in oil exploration and
development, it said.
The government has accumulated debts of several billion
dollars for oil and gas it has bought from companies producing