Seeking Alpha

Egypt promises to pay $1.5B arrears to foreign oil firms

  • Egypt promises to pay $1.5B of the $6B it says it owes foreign oil companies, hoping the announcement will revive confidence in an economy battered by three years of political upheaval.
  • Financial disclosures by firms including BP, Apache (APA), BG Group (BRGYY, BRGXF) and TransGlobe (TGA) show Egypt owed them more than $5.2 billion at the end of 2012.
  • Egypt has repeatedly promised to repay arrears to the oil companies since Morsi's removal in July.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Tools
Find the right ETFs for your portfolio:
Seeking Alpha's new ETF Hub
ETF Investment Guide:
Table of Contents | One Page Summary
Read about different ETF Asset Classes:
ETF Selector

Next headline on your portfolio: