Egyptian Minister of Petroleum and Mineral Resources Karim Badawy announced the complete settlement of outstanding payments to oil and gas investment partners, bringing them down to zero for the first time in years, after reaching US$ 6.1 billion in June 2024.
These payments are not merely a financial settlement, he said, but a fundamental solution to one of the most significant challenges the sector has faced in recent years.
He explained that the full settlement of these payments has removed one of the biggest obstacles to the flow of capital and new investments.
The minister stressed that the message to the global investment community is clear and decisive: Egypt is a country that respects its commitments and fulfills its obligations.
The government announced on Wednesday the date for the complete and final settlement of outstanding payments to foreign oil companies, aiming to reach “zero outstanding dues” and thus ending one of the biggest financial obstacles facing the energy sector.
Plan bears fruit
A source at the Ministry of Petroleum and Mineral Resources said that reaching “zero” outstanding payments to foreign partners was not the result of a single payment, but rather the culmination of a comprehensive financial plan that began in mid-2024.
He explained that the plan relied on the full and timely payment of current monthly dues, in parallel with reducing accumulated debt.
This prevented the creation of new arrears for the first time in years – which is not merely a financial achievement, but also the most significant step in restoring confidence to the sector in recent years.
The source added that the government not only settled the arrears but also committed to paying current monthly bills without incurring new debt.
Foreign companies view this as a strong indicator of the government’s seriousness and ability to meet its long-term financial obligations.
Egypt fully settles dues to investment partners for the first time in years: Petroleum Minister Egypt Independent.
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