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Egypt to Pay $1.5B in Arrears to Foreign Oil Firms

Egypt promised on Wednesday to pay $1.5 billion of the $6 billion it says it owes oil firms, hoping the announcement will revive confidence in an economy battered by nearly three years of political upheaval. Egyptian officials speaking at an investment conference also sought to ease mounting concerns over everything from legal uncertainty to the black market for foreign currency. “There is approval to pay $1.5 billion,” Prime Minister Hazem el-Beblawi told the gathering,...

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