Egypt will settle the $1.3 billion debt owed to international oil companies by June.

The Egyptian Ministry of Petroleum stated that Egypt has accelerated the repayment progress of the arrears owed to international oil companies. Egypt is expected to settle $1.3 billion in debts before June. According to the repayment plan announced in January this year, Egypt anticipates that there will still be approximately $1.2 billion in outstanding debts by June.