Arab Finance: The Egyptian government has paid off $1.2 billion of the $3.2 billion owed to foreign oil companies last week, instead of the scheduled payment in October, unnamed three government sources told Asharq Business.

This move comes as Egypt seeks to boost natural gas production, which has dropped to 4.6 billion cubic feet per day, falling short of the country's daily demand of 6.2 billion cubic feet.

The government aims to increase output to around 5 billion cubic feet per day by the end of the year to reduce reliance on liquefied natural gas imports, a shift that occurred after five years of being an exporter.

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