Egypt pays $1.4 billion to foreign oil and gas companies

Egypt pays $1.4 billion to foreign oil and gas companies
Cairo (UPI) Oct 3, 2014 - After securing loans from national banks, the Egyptian Petroleum Ministry announced it paid off $1.5 billion of its debt owed to foreign oil and gas companies. "The government aims to reduce the debt to encourage firms to step up research and exploration operations, to boost local production of oil and gas and minimize imports, which in turn will spare the cash to continue paying Egypt' ... more http://www.oilgasdaily.com/reports/Egypt_pays_14_billion_to_foreign_oil_and_gas_companies_999.html