The Egyptian government will pay off dues owed to foreign oil companies totaling $3.2 billion in three installments before the end of the current fiscal year (FY) 2024/2025, a government official told Asharq Business.

The first installment, worth $1.2 billion, is set to be paid in October, the official noted.

Earlier this month, the government reportedly paid a new tranche of outstanding dues to foreign oil and gas companies operating in the country, accounting for around 20% to 25% of arrears, at the end of June.

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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