Egypt delays target for repaying firms $3.1 bln until mid-2016
March 3 (Reuters) - Egypt aims to fully repay its $3.1 billion debt to foreign oil and gas companies by mid-2016, around a year later than previously indicated, according to the oil ministry.
"All current operational payments have been made on time and are on track to repay any remaining arrears before mid-2016," the ministry said in a statement to Reuters late on Monday.
After making payments of nearly $5 billion in November and December, arrears stand at $3.1 billion, it said.
In November, Egypt said it would repay all its debts within six months.
Gas production has steadily declined in Egypt while consumption has risen, but firms have been reluctant to increase investment in exploration and production, particularly in costly offshore areas, until the government pays them.
