Egypt has paid approximately $5bn of outstanding arrears to foreign partners in the petroleum sector and remains committed to settling regular monthly invoices, Prime Minister Mostafa Madbouly said on Wednesday.
Speaking during a weekly cabinet meeting at the government headquarters in the New Administrative Capital, Madbouly stated that arrears to foreign partners stood at $6.1bn on June 30, 2024. He noted that these dues are projected to decrease to $1.2bn by June 30, 2026, which he described as a normal rate, representing a total repayment of roughly $5bn over the period.
The Prime Minister referred to a meeting held by the President to review efforts regarding Egypt’s strategy to become a regional hub for energy and gas trade. These efforts include the expansion of onshore and offshore oil and gas exploration operations.
Madbouly said there are directives to intensify exploration to expand the scope of discoveries and benefit from successful experiences. He added that the government is working to provide further incentives and facilities for investors in the petroleum, gas, and mining sectors to enhance investment volumes and increase production to meet growing consumption and development needs.
The Prime Minister emphasised that the Egyptian state is committed to paying the dues of foreign partners in the petroleum sector according to a specific timeline, in addition to adhering to the monthly bills for those partners.
