Egypt close to agree on foreign oil firms repayment schedule

(MENAFN) Egypt has accumulated debts of USD6 billion to foreign oil companies operating in the country, Saudi Gazette reported. Egypt's Prime Minister said that a schedule to repay these debts is being set and agreement on this schedule is close. Prime Minister Hazem El-Beblawi told a local news paper that an agreement to repay the debts would increase the companies' investments in the country to hit USD15 billion in the next two years. "Reaching a settlement will lead to a rise in investment from foreign (oil) firms within two years to $15 billion," he said.