(MENAFN) Egypt is set to pay USD1.5 billion of a total of USD6.3 billion it owes to oil companies operating in the country, The Peninsula reported.
Approval of the payment came early this month. The government also announced that it would repay USD3 billion in monthly installments until the end of 2017, a bid that aims at encouraging the needed investment in the energy sector.
"Today we are reimbursing $1bn to the foreign partners and the rest during this week," chairman of state-run Egyptian General Petroleum Corporation (EGPC) said.
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