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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.
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