Egypt pays $5b to foreign petroleum partners, debt to go down to $1.2b in June: PM

Egypt has paid about $5 billion to foreign partners in the petroleum sector, Prime Minister Moustafa Madbouly said Wednesday, underscoring the government’s commitment to meeting obligations on schedule.

Outstanding dues for foreign partners were $6.1 billion as of June 30, 2024, and are expected to decline to $1.2 billion by June 30, 2026, in addition to regular monthly payments, he said during the Cabinet’s weekly meeting.

Madbouly also outlined plans to implement Egypt’s strategy to become a regional energy hub and a centre for gas trading, including expanding onshore and offshore oil and gas exploration. The government intends to provide additional incentives for petroleum, gas, and mining investors to boost investment and production to meet rising domestic demand and support economic development.

Attribution: Amwal Al Ghad English