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Ahmed Musa to clear foreign oil debts and approve $17B investments
The Egyptian Minister of Petroleum confirmed that Egypt will settle its overdue payments to foreign companies totaling $6.1 billion by the end of June, as part of the state's efforts to strengthen the energy sector. He also indicated Egypt's intention to drill 101 oil and gas wells in 2026, amid signals of new investments worth $17 billion over the next five years, reflecting international companies’ confidence in Egypt's potential to become a regional energy hub in the Eastern Mediterranean.
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