Gov’t Starts Repaying Foreign Partners’ Dues Of Oil Projects

Prime Minister Moustafa Madbouly has stressed that the State is keen on taking intensive actions on the dues of foreign petroleum companies working in Egypt through implementing a mechanism for repaying such dues.

The premier’s remarks came at a meeting held on Tuesday 26/3/2024 to follow up on the repayment of the dues of foreign partners operating in oil projects in Egypt.

The meeting was attended by the governor of the Central Bank of Egypt (CBE) Hassan Abdullah and Petroleum Minister Tarek al-Molla and Finance Minister Mohamed Maait.

Such steps primarily aim to spread confidence in the energy sector in Egypt and attract further foreign investments in this field.

Spokesman for the Cabinet Mohamed al-Homsany said the meeting touched upon steps taken to start paying some 20% of payments in arrears under a scheduled plan to repay all arrears in the coming period.

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