Egypt 'agrees to reschedule production debt'

Production plans: Egyptian minister says explorers have no intention of leaving country

The Egyptian government has reportedly signed agreements with Malaysia's Petronas and Britain's BG Group to reschedule debt owed to producers by Cairo.

Egypt’s minister of petroleum Osama Kamal told reporters of the move in the country’s capital on Tuesday, according to Reuters reports.

Kamal did not say now much debt had been rescheduled.

Oil producers working in Egypt are estimated by Exclusive Analysis to be owed $9 billion - a figure Kamal disputed earlier this month.

Egyptian Prime Minister Hisham Kandil met on Tuesday with a delegation from US explorer Apache Corporation 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…

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