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.
CAIRO: The oil-for-reconstruction agreement signed between Egypt and Iraq will enter into bilateral implementation as soon as constitutional procedures are complete, Egyptian Prime Minister Mostafa Madbouly has said.
Last month, the Egyptian government said it had reached a preliminary consensus with Iraq on establishing the mechanism.
The prime minister added that there is a presidential directive to begin a number of joint projects, pending the completion of ratification procedures.
Madbouly said Egypt is ready to provide any raw materials, supplies or equipment to the Iraqi side. He added that Egypt is keen to overcome any routine measures that may hinder the activation of the agreement, and prepare a presidential directive to form a permanent follow-up committee for the projects.