Egypt to pay off 20% of foreign oil companies’ dues in June

The dues owed to foreign firms engaged in oil and gas exploration, drilling, and extraction at the Egyptian General Petroleum Corporation (EGPC) stand at approximately $4.5 billion

Staff Writer, Arab Finance

May 21, 2024

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Egypt is set to pay off 20% of the outstanding dues of foreign oil and gas companies operating within its borders in June, two unnamed oil insiders told Asharq Business.

The dues owed to foreign firms engaged in oil and gas exploration, drilling, and extraction at the Egyptian General Petroleum Corporation (EGPC) stand at approximately $4.5 billion, as per data from the International Monetary Fund (IMF)

In March, Egypt settles $1.5 billion worth of dues owed to these companies, an amount estimated by Bloomberg to cover 20% of the total dues.

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