Egypt pays 20% of oil firm FX dues – PM

Egypt’s Prime Minister, Mostafa Madbouly, emphasised the state’s commitment to taking intensive steps towards resolving dues owed to foreign petroleum companies in Egypt, as per a cabinet statement on Wednesday. 20 per cent of FX dues to foreign partners working on petroleum projects in Egypt has been paid.

This is being done through the implementation of a mechanism prepared to settle the dues of foreign partners. This initiative aims to instil more confidence and assurance in the energy sector in Egypt, as well as attract numerous foreign investments to this vital sector.