Egypt pays $1B in dues to foreign oil companies
Updated 1/21/2025 9:10:00 AM
Arab Finance: The Egyptian government has paid off $1 billion of its overdue debts to foreign oil companies during the first week of January 2025, a government source told Asharq Business.
The paid amount brings Egypt's arrears to foreign oil companies to $4.5 billion from last June until now.
The state agreed with foreign oil companies to quickly increase natural gas production at Egyptian sites to secure the country's needs during the coming summer period, according to the unnamed official.
They also agreed to schedule new dues to the Egyptian government.
The source added that scheduling the dues will begin next February and will continue until June 2025.
It is worth highlighting that Egypt's dues to foreign oil companies have reached nearly $6.5 billion so far.
On January 8th, the state announced a new mechanism to pay off EGP 60 billion in dues to exporters by the Export Development Fund for shipments.
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