Egypt Today: Prime Minister Mostafa Madbouly reaffirmed the Egyptian government’s commitment to settling all outstanding dues owed to foreign petroleum companies in accordance with the agreed repayment schedule.
During the Cabinet meeting on Wednesday, Madbouly stated that outstanding arrears stood at 6.1 billion dollars as of 30 June 2024, and are expected to decline to 1.2 billion dollars by 30 June 2026, which represents the normal and sustainable level.
He explained that this reflects the repayment of nearly 5 billion dollars to date, in addition to the government’s continued commitment to settling the monthly invoices of its foreign partners on a regular basis.
The Prime Minister also referred to a recent meeting chaired by President Abdel Fattah El-Sisi, which reviewed ongoing efforts to implement Egypt’s strategy to position itself as a regional hub for energy and gas trading, alongside plans to expand both onshore and offshore oil and gas exploration activities.
Madbouly stressed that there are clear directives to intensify exploration efforts, build on successful experiences, and provide additional incentives and facilitation measures for investors in the oil, gas, and mining sectors.
These measures aim to attract higher investment levels, boost production, and meet Egypt’s growing consumption and development needs.
https://www.egypttoday.com/Article/3/144616/Egypt-repays-nearly-5-B-in-arrears-to-foreign-energy
