Egypt to clear oil dues by June as $19 bln pledges, gas discovery lift outlook – PM

Egypt plans to settle all outstanding payments owed to foreign oil and gas partners by the end of June, Prime Minister Moustafa Madbouly said on Wednesday, as the country seeks to rebuild investor confidence and accelerate energy investment.

Speaking at a press conference, Madbouly said international energy companies have pledged more than $19 billion in new investments, signalling renewed interest in Egypt’s hydrocarbons sector following efforts to reduce arrears and improve operating conditions.

The government is moving to fully clear its backlog of payments to foreign partners next month, a step seen as key to unlocking further exploration and production activity.

Attribution: Amwal Al Ghad English