Egypt pays US$1 billion in foreign oil companies’ dues

A government source said on Sunday that Egypt has paid one billion dollars in overdue dues to foreign oil companies on Monday, as the government seeks to pay off foreign oil companies’ arrears to increase natural gas production, after production declined to 4.6 billion cubic feet per day. The source…

IMF will not impose conditions on Egypt over subsidizing: Minister

Egyptian Minister of Supply and Internal Trade Sherif Farouk told Al-Masry Al-Youm, on the sidelines of the annual conference of the Insurance Federation in Sharm el-Sheikh, on Sunday, that the International Monetary Fund (IMF) will not impose any conditions – or a specific direction – on the government regarding subsidizing.…