Egypt is close to eliminating overdue debt to international oil companies, removing a bitter legacy from the 2011 revolution that led to a financial crisis and gas shortages in the Arab world’s most populous nation.
Oil Minister Tarek el-Molla said total outstanding debt now stood at just $800 million, positioning Egypt to clear the arrears by 2020.
"The debt is not an issue any more," Molla said in Abu Dhabi.
