Egypt pays off 20-25% of arrears to foreign oil companies

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The government is working on settling as much as it can of outstanding payments

Staff Writer, Arab Finance

July 2, 2024

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The Egyptian government has paid off a new tranche of dues owed to foreign oil and gas companies operating in the country, accounting for around 20% to 25% of arrears, at the end of June, four sources in the know told Asharq Business.

The government is working on settling as much as it can of outstanding payments, yet it would be challenging to pay the full sum before the year-end, a government official said.

It is worth noting that the Egyptian General Petroleum Corporation’s (EGPC) dues to foreign gas and oil companies have reached around $4.5 billion, according to a report issued by the International Monetary Fund (IMF) earlier in March.

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