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Arab Finance: The Egyptian government has paid off $5 billion in dues to foreign oil companies, Prime Minister Mostafa Madbouly stated during the cabinet meeting held on January 21st.
As of June 30th, 2024, outstanding dues to foreign partners amounted to $6.1 billion, and are expected to hit $1.2 billion by June 30th, 2026, Madbouly noted.
The prime minister affirmed the government's commitment to paying monthly bills according to the established timeline.
He noted that this aligns with President Abdel-Fattah El-Sisi’s directives to reinforce Egypt’s position as a regional energy hub and gas trading center.
El-Sisi called for intensifying exploration activity and providing further incentives that draw investments in the oil, gas, and mining sectors. This will contribute to boosting production to meet growing consumer and development needs.
On the sidelines of his participation in the fifth edition of the Future Minerals Forum in Riyadh, Minister of Petroleum and Mineral Resources Karim Badawi held a series of meetings with global mining companies to explore cooperation and investments in Egypt.
