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Egypt aims to pay $2-3bn of debt to oil firms by end 2014

Firms are reluctant to increase investment in Egypt after the government fell behind on payments

Published: Updated:

Egypt aims to pay back $2 billion to $3 billion it owes to oil and gas companies operating in the country by the end of the year, the oil minister said at a news conference on Tuesday, as the government tries to spur new investment to boost supplies.

The Arab world's most populous country faces a severe energy crisis, with firms reluctant to increase investments after the government fell behind on payments.