The Egyptian Government will finally pay out almost £1billion in overdue fees to foreign oil and gas firms, following three years of turmoil in the country.
An initial $1billion (£600m) will be paid today, with the rest being paid out over the week by Egypt’s General petroleum Corporation. A further $3billion will be paid over the next four years.
The move is part of a move to settle the country’s $6billion oil and gas debts, and encourage foreign companies to invest in Egypt’s energy resources.
A host of majors have been left waiting for payments from Egypt’s authorities since before the 2011 revolution, with BP, BG Group, Eni and Dana Gas among those to have reported losses from the country.
The country had delayed payments in following the overthrow of President Hosni Mubarak, with violence and decreased tourism over safety fears having severely damaged the country’s economy.
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