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

|By:, SA News Editor

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.