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Oil spokesperson discusses debt clearance challenges
Mohamed Nagi, the spokesperson for the Ministry of Petroleum and Mineral Resources, announced that Egypt has succeeded in fully settling its overdue debts to foreign oil companies, which amounted to $6.1 billion as of June 2024. This achievement came after intensive efforts and global challenges that led to the accumulation of debt. This step aligns with the government's efforts to increase and improve production rates, thereby helping to reduce the import gap and enhancing Egypt's ability to meet its financial obligations to foreign partners, while ensuring the continued availability of petroleum products in the local market.
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