Egypt has reduced arrears owed to foreign oil companies to $2.3 billion, the Egyptian oil ministry said in a statement on June 8.
The country repaid $2.2 billion in three weeks, the statement said.
Once an energy exporter Egypt has turned into a net importer in recent years, squeezed by declining production and increasing consumption.
Cairo has pledged to eliminate the arrears by the end of June 2019 and not accumulate more. The goal is part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.
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