WORLD
Beblawi also told Al Masry Al Youm that reaching an agreement would lead to a rise in investments from the companies to $15 billion within two years.
Egypt is close to agreeing a schedule for repaying $6 billion in outstanding debt to foreign oil companies, Prime Minister Hazem el-Beblawi said in a newspaper interview published on Thursday.
Beblawi also told Al Masry Al Youm that reaching an agreement would lead to a rise in investments from the companies to $15 billion within two years.
The Egyptian state, racked by political and economic turmoil since the ouster of Hosni Mubarak in February 2011, has been struggling to meet soaring energy bills caused by high subsidies on fuel products for the country's 84 million-plus population.
"We are in debt to foreign oil firms for around $6 billion, which is what led them to stop investing. We are on the verge of reaching an agreement with them to schedule the debts," Beblawi said.
"Reaching a settlement will lead to a rise in investment from foreign (oil) firms within two years to $15 billion."
Earlier this month, Oil Minister Sharif Ismail said Egypt was preparing a timetable for repaying arrears on debts it owes to foreign companies in order to encourage them to continue investing in exploration and development.
Financial disclosures by firms including BP PLC, BG Group, Apache, Edison SpA and TransGlobe Energy show Egypt owed them more than $5.2 billion at the end of 2012.
Dana Gas, owed $230 million by Egypt in overdue payments for gas supplies, said it was in active dialogue with the government over the debts.
Cristiano Ronaldo doesn't have any tattoos, reason will leave you SHOCKED, it is...
Prayagraj sees unprecedented crowds, traffic jams leave devotees without food, water amid Mahakumbh
Tirupati Laddu Prasadam row: CBI arrests four people in ghee adulteration case
JEE Mains 2025 Result: NTA JEE Session 1 result to be declared on..., know how to download scorecard
Donald Trump reveals BIG plan, says committed to 'buy and own' Gaza, allow others to...
Radhika Merchant dances her heart out at her friend's wedding to 'Anarkali Disco Chali', Watch
Did Lionel Messi’s son Thiago score 11 goals in single match for Inter Miami? Here's the truth
India vs England: Rohit Sharma goes past Chris Gayle in all-time ODI list led by Shahid Afridi
Ed Sheeran BREAKS silence after Bengaluru cops stop his street performance: 'It wasn't just...'
India gains, Pakistan struggles: Forex reserves rise to Rs 55300044 crore, Pak's decline continues
IND vs ENG: Rohit Sharma returns to form before Champions Trophy, slams 32nd ODI century vs England
'Mummy daantegi...': Little boy screams as tiger pulls his shirt at zoo, WATCH viral video
Manipur CM N Biren resigns nearly two years after ethnic violence in state
Viral Video: Women travel in train toilet to Maha Kumbh, internet says "Is this a joke?
Vicky Jain's 'bizarre' comment leaves wife Ankita fuming with anger, netizens declare him 'red flag'
Bengaluru cops stop Ed Sheeran's street performance, video goes viral - Watch
Viral video: Lion spotted on moving jeep? Here’s the truth
YouTuber Gaurav Taneja reveals he was 'shocked' over his wife's decision to...
Teddy Day 2025: Date, history and significance of the fourth day of Valentine’s week
'Sugar is the biggest toxin...': Naga Chaitanya calls sugar more toxic than alcohol and tobacco
‘Over for Blinkit, Zepto’, this startup claims ‘delivering humans’ in 10 minutes, shocks netizens
Pratik Gandhi on his struggles, managing job with acting: 'Chaar gante sona luxury tha' | Exclusive
Why did Kumar Vishwas' wife cry after Manish Sisodia lost Delhi Elections: 'Not always power...'
'Fast and Furious' cars collision creates a Rohit Shetty scene on Indian road, viral video
'Go to the room, cry...': Salman Khan's wisdom on love, breakup is all you need this Valentine's Day
Parvesh Verma, BJP leader who defeated Arvind Kejriwal, makes BIG claim, says, 'we have to do...'
Sumona Chakravarti on joining Kapil Sharma show: 'Went from Ram Kapoor's sister to...'
Is Elon Musk still interested in buying TikTok? Tesla CEO provides BIG update, claims...
Groom's mother and mama join hands to burn the dance floor down, viral video sets internet on fire
What is historic 'Blue Gold', costlier than real gold?
Salman Khan opens up about his daddy issues with Salim Khan: 'How can he be right all the time...'
Powerful 7.6 magnitude earthquake jolts Caribbean, tsunami advisory issued
Salman Khan supports Sooaj Barjatya, pens note on his OTT debut, calls his show Bada Naam Karenge...
Little girl's energetic dance to 'London Thumakda' leaves netizens in awe, WATCH viral video
Meet man who left IIT, later earned Rs 286 crore in just 20 weeks by...
Viral Video: Sadhus playing cricket at Mahakumbh mela wins hearts online, watch
Happy Chocolate Day 2025: Wishes, WhatsApp messages, quotes to share with your partner on February 9
Meet woman, who plays key role in Rs 33661 crore company, daughter of billionaire
Vicky Kaushal and Akshaye Khanna didn't talk to each other on the Chhaava sets because...
Nita Ambani, Nick Jonas share candid moments at Siddharth Chopra's wedding, WATCH viral video