Egypt settles $1B in arrears to IOCs: Madbouly
Updated 7/17/2025 6:10:00 AM
Arab Finance: The Egyptian government has paid more than $1 billion of its debts to international oil companies (IOCs) operating in the country, Prime Minister Mostafa Madbouly announced.
Madbouly added that the state plans to settle an additional $1.4 billion before the end of this year.
The move aims to reduce financial burdens and increase the local production from national fields and resources, instead of relying on imports.
He also affirmed Egypt's ability to secure energy, lauding its success in bringing liquefied natural gas (LNG) vessels into service, as they are connected to the national gas grid.
The prime minister noted that there are three vessels in Ain Sokhna, but they are not operating at full capacity. However, they will meet the state's needs in case of any unexpected problems that could cause a disruption to Egyptian gas resources.
Two additional vessels are scheduled to arrive soon at the Alexandria Port and the Jordanian Port of Aqaba, as an additional emergency measure for the summer.
In a meeting with key ministers on July 13th, Madbouly followed up on the procedures for securing the financial allocations required for the petroleum products needed to operate power plants.
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