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28-06-14

Egypt to pay USD1.5b oil debt by the end of 2014

(MENAFN) The Egyptian oil minister said that his country is to pay USD1.5 billion worth of debt to foreign energy companies by the end of this year, The Peninsula Qatar reported. The latest government figures showed that Egypt's debts to foreign oil firms operating reached USD5.7 billion, while some ministers stress that debt is rising even though the government pays off some of it now. The government has promised to pay companies including BG Group BG.L and BP $3bn by the end of 2017 as it tries to lure back investors to tap its reserves and boost production to meet soaring demand.