Arab Finance: Egypt has reduced dues to international oil companies (IOCs) to $440 million currently, compared to $6.1 billion as of June 30th, 2024, Minister of Petroleum and Mineral Resources Karim Badawi highlighted.
Meanwhile, the government is committed to settling all arrears to IOCs by the end of June 2026.
The minister affirmed that the state overcame one of the most significant challenges facing the sector, reflecting the government's commitment to its partners and its keenness to enhance confidence in the investment climate.
Badawil’s remarks came during his participation in the strategic seminar organized by the British Egyptian Business Association (BEBA Egypt).
He also addressed coordination with the Ministry of Electricity and Renewable Energy to boost renewable energy's contribution to the energy mix to 48% by the end of 2028.
This will contribute to cutting reliance on natural gas for electricity generation and securing larger quantities for use in the petrochemical and fertilizer industries, thus supporting domestic industry and maximizing added value.
The minister also praised the Cypriot side’s decision to approve the development plan for the Cronos field to maximize the benefit from the Egyptian infrastructure to which the field will be connected.
