Photo courtesy of Egypt's cabinet
Speaking at the weekly cabinet meeting, Madbouly said outstanding payments to foreign oil and gas partners stood at $6.1 billion as of 30 June 2024 and are expected to decline to around $1.2 billion by 30 June 2026, a level he described as normal for the sector.
He said the government is also paying monthly invoices on schedule, according to a cabinet statement issued after the meeting.
Madbouly reiterated the government’s commitment to meeting its financial obligations to foreign petroleum partners in line with agreed timelines.
His remarks come as Egypt works to ease a prolonged foreign currency shortage that has weighed on the economy over the past two years and disrupted payments to energy companies.
Madbouly also briefed ministers on a recent meeting with President Abdel-Fattah El-Sisi that reviewed plans to strengthen Egypt’s position as a regional energy hub and gas trading centre.
He said the government has been instructed to intensify exploration activity, build on recent developments in the sector, and offer additional incentives to attract investment in oil, gas, and mining.
The measures aim to boost production, draw fresh foreign investment, and meet rising domestic energy demand, he added.
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