Egypt starts repaying up to $1.5bn in oil company arrears, sources

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Egypt starts repaying up to $1.5bn in oil company arrears, sources

CAIRO: Egypt has started paying off dues owed to foreign oil and gas companies operating in the country, the government said on Tuesday, with sources saying that up to $1.5 billion had been set aside for the payments.  A cabinet statement said the payment process that had already begun accounted for about 20 percent of arrears owed to the companies, adding that the remainder would be paid off through a scheduled plan.