Egypt Offers $1.5B Payback to Oil Companies

Brian Hicks

Written By Brian Hicks

Posted December 4, 2013

After more than three years of political and social turmoil, Egypt desperately wants oil investors to come back. Though the country owes more than $6 billion to foreign oil companies, government officials announced that they have earmarked $1.5 billion to pay them back.

The move is intended to communicate Egypt’s commitment to its oil and gas investors, which includes BP (NYSE: BP), Edison SpA, BG Group (LON: BG), and TransGlobe Energy (NASDAQ: TGA).

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