Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt Pays 20% of Arrears to Int'l Oil Companies

Wed 27 Mar 2024 | 12:15 AM
Taarek Refaat

The Egyptian Cabinet confirmed Tuesday, the state’s keenness to take intensive steps in the file of foreign oil companies’ dues in Egypt, by starting to implement a robust mechanism that has been prepared to pay the dues of foreign partners.

The Cabinet explained in a statement that this contributes to instilling more confidence and reassurance in the energy sector in Egypt, and works to attract many foreign investments to this vital sector.

It indicated that the government has begun paying the dues of foreign partners working in petroleum projects in Egypt, with a total of about 20% of the arrears, through a scheduled plan to pay all arrears successively during the coming period.

In mid-March, Egyptian Prime Minister Mostafa Madbouly said that there is currently a plan to pay the dues of foreign partners (foreign oil companies) with the Egyptian state, after increasing the dollar proceeds.