Egypt announced on 10 June that it has “fully settled its arrears to foreign oil and gas partners,” in line with its expedited target (MEES, 29 May). The buildup of IOC receivables has been a recurring theme in Egypt in recent years, and as IOCs have been unwilling to invest heavily due to payment concerns, this has contributed to declining oil and gas output.
In order to address this, Minister of Petroleum Karim Badawi made paying off arrears a priority since assuming the role in mid-2024. The arrears stood at a massive $6.1bn at the time, and Egypt’s ability to pay down the receivables was aided by a multi-billion-dollar financial assistance package from the UAE in 2024 (MEES, 17 May 2024). (CONTINUED - 877 WORDS)
