Egypt has witnessed an increase in its arrears to international oil companies active in the country over the past three months.

The Ministry of Petroleum which had before now promised to pay all its outstanding debts by the end of 2016 has revealed that its debts increased by $200 million to reach $3.2 billion.

The country’s debts have been a continuous problem for the Ministry of Petroleum, which has in more than a few instances failed to fulfill its vows.

Egypt had initially planned to reduce its debts from $2.7 billion in October to $2.5 billion by the end of 2015 but by January 2016 the debts had increased to $3 billion, making the country seem incapable of reducing its debts, the Oil and Gas Year reports.

Anita Fatunji