Business

Egypt signs debt deals with Petronas, BG Group

CAIRO, Feb 20 – The Egyptian government has signed agreements with Malaysia’s Petronas and Britain’s BG Group to reschedule debt owed by Cairo, the minister of petroleum, Osama Kamal, told reporters yesterday.

He did not say now much debt had been rescheduled.

Oil producers working in Egypt are estimated by Exclusive Analysis to be owed US$9 billion (RM28 billion) - a figure Kamal disputed at a news conference this month.

Egyptian Prime Minister Hisham Kandil met yesterday with a delegation from American energy company Apache and BG Group to discuss investment opportunities in Egypt.

“They (BG Group) have assured, through the meeting, that they will continue investing in Egypt and expressed their interest in increasing it in the future,” a statement from the cabinet said.

The company’s investment in Egypt over the next five years is estimated at about US$5 billion, Kamal said. – Reuters

 

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