Arab Finance: EgyptAir has fully paid off its 13-year accumulative debts of EGP 10 billion, owed to the Egyptian General Petroleum Corporation (EGPC), at the end of the elapsed fiscal year (FY) 2023/2024, two government officials told Asharq Business.

EGPC offered EgyptAir a debt swap deal to exchange fuel debt with affiliated lands and assets, an official said.

However, the airline chose to settle the debt from its profits following the improved air traffic over the last three years, the source added.

Another official noted that the national carrier is currently paying off its fuel dues regularly.

It is worth noting that Egypt produces 1.25 million tons of jet fuel annually, with 1 million tons being consumed and the remaining 250,000 tons being exported, according to data by EGPC.

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