15 Hrs
Source:
الاقتصادية
Egypt pays $6B to settle foreign partner dues
Egypt has successfully settled all overdue obligations to foreign investment partners in the oil and gas production sector, with debts amounting to approximately $6.1 billion as of June 2024. The matter has been fully resolved, bringing the debt to zero for the first time in years. This achievement was announced by Minister of Petroleum and Mineral Resources Kareem Bedoui, who emphasized that settling these dues enhances the investment climate and accelerates drilling and development programs in the region, particularly in deep waters in the Mediterranean Sea. It also contributes to increasing local energy production and meeting market demands. Moreover, this step marks a new beginning toward a more sustainable energy sector by improving efficiency and better utilizing resources to foster economic development in Egypt.
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