Egypt pays Circle €13m

The Egyptian Government has effectively halved its outstanding debt to Irish exploration firm, Circle Oil by paying it $15 million (€13m).

The move forms part of a $2.1 billion blanket special payment distribution from the State-owned Egyptian General Petroleum Corporation (EGPC) to all foreign oil companies operating in Egypt.

The company owes money to all overseas explorers with interests in Egypt and makes regular smaller payments. This larger special payment is aimed at encouraging firms to expand their investment in the country.