Egypt's $6 Billion Oil Debt

According to Reuters, Egypt has created a schedule to repay six billion dollars in outstanding debt to foreign oil companies. Prime Minister Hazem el-Beblawi told Al Masry Al Youm that Egypt is reaching an agreement that would lead to a rise in investments hoping to reach $15 billion within two years.

"We are in debt to foreign oil firms for around $6 billion, which is what led them to stop investing. We are on the verge of reaching an agreement with them to schedule the debts," Beblawi said. "Reaching a settlement will lead to a rise in investment from foreign (oil) firms within two years to $15 billion."

With all the political and economic turmoil that has gripped Egypt since February 2011, the country has struggled to meet a soaring energy bill caused by high subsides on fuel products for the 84 million plus population.