EconSource: Egypt to Pay Off All Arrears to Foreign Oil Firms by 2017

Follow the latest in economic news and developments about the Arab transition countries. 

The Egyptian government has reached an agreement with foreign oil firms to pay off all of its arrears by 2017 instead of its previous plan to pay EGP 21 billion ($3 billion) out of a total of EGP 42 billion ($6 billion) by that time. The ministry of petroleum plans to pay EGP 10.5 ($1.5 billion) by this September to companies including BG group and British Petroleum. [Ahram]
Remittances from Jordanian expatriates had increased by 3.1 percent by the end of June this year, standing at $1.85 billion compared with $1.79 billion during the same period last year, according to the Central Bank of Jordan (CBJ). It added that the total remittances increased by 0.5 percent in June, standing at $359 million. [Ammon News]
Syria’s oil sector has suffered around $23.5 billion in direct and indirect losses since the start of the country’s crisis in 2011, the Syrian oil ministry said. It said the sector had SYP 570 billion ($3.81 billion) in direct losses and SYP 2.95 trillion of indirect losses due to production delays and missed benefits. [Reuters]
More than 40 percent of the population–over 10 million Yemenis–do not know where their next meal will come from, according to preliminary findings of a new survey released last week by UNICEF and the World Food Programme (WFP). In war-afflicted Sa’ada governorate, nearly 70 percent of the population was found to be food insecure. [Yemen Times
Also of Interest:
Egypt imposes fees on stone exports, banning raw minerals | Ahram
Egypt: Maximum wages announced, regulations show no exemptions | DNE
Egypt cuts bond sale as investors drive yields to 1-year high | Bloomberg, DNE
Libya reaches deal to reopen Brega oil port – NOC | Reuters
Morocco Oil and Gas Market Report 2014 | R&M