Egypt says it paid $5 B to foreign oil partners, targets arrears cut
Egypt has paid about $5 B in overdue bills to foreign oil and gas partners and aims to bring remaining arrears down to $1.2 B by June 2026, Prime Minister Mostafa Madbouly said.
Arrears stood at $6.1 B on June 30, 2024, he said in a statement, adding the government was also meeting the partners' monthly invoices.
A foreign currency shortage forced Egypt to delay payments to international oil companies operating in Egypt, slowing investment and contributing to a drop in gas output that forced it to rely heavily on imports from 2022, whether from neighboring Israel or costly LNG cargoes.
But following a giant $35-B deal in 2024 with the United Arab Emirates for the rights to develop a prime stretch of Egypt’s Mediterranean coast, Egypt started paying back oil companies.
Egypt produced 3,635 MMm3 of gas in October last year, up slightly from 3,525 MMm3 in September but down from 3,851 MMm3 in October 2024, according to the Joint Organizations Data Initiative.
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