Egypt to pay $1B to foreign oil firms

|By:, SA News Editor

Egypt reportedly has made a ~$1B payment on the ~$6.4B it owes to international energy firms, a move designed to revive confidence in the country's economy.

Egypt is worried that if the payments don't get into the accounts of the foreign energy firms this month, they will either exit the country or take legal action instead of increasing their exploration and production investments.

The government has promised to pay $3B by 2017 to several energy firms, including BP, Apache (APA) and BG Group (BRGYY, BRGXF).