Government fails to abide by payment schedule with foreign partners

Mohamed Adel
1 Min Read

The government is the reason behind the continued inability of the petroleum sector to repay dues to foreign partners in return for oil and gas received monthly, said an official at the Ministry of Petroleum

The EGPC has not complied with the agreement the ministry entered into with foreign partners for the payment schedule for its remaining dues for expenses incurred for needed petroleum products, according to the official.

The repayment agreement the authority entered into to repay the remaining debts is guaranteed by its own resources, and repayment is to be made in monthly installments through December 2017, the official said.

A new schedule will be prepared for paying outstanding dues to foreign partners in the petroleum sector, and this is after receiving loans from local and foreign banks and after the Ministry of Petroleum paid back a large part of the debts.



Share This Article
Leave a comment