CAIRO: The Egyptian Ministry of Petroleum is negotiating with industrial sector companies to approve settlements through which factories are obligated to pay debts owed for gas consumption.
A government source said that the Ministry of Petroleum will waive lawsuits filed against the factories and prepare to notify all companies of reconciliation in cases with the signing of settlement agreements.
The move is part of government plans to lift burdens on manufacturers, the source said.
The source added that the committee formed with the Egyptian Federation of Investors Associations and the Ministry of Petroleum will present the time period for repaying the debt during its next meeting. It is expected to range between 10 and 12 years.