All News
All Companies
English
All News /
Business
Egypt To Regularly Settle Dues for Foreign Oil Firms Starting October
2024-10-02

Egypt To Regularly Settle Dues for Foreign Oil Firms Starting October

The Ministry of Petroleum and Mineral Resources will begin paying off dues regularly to foreign oil firms starting this month, minister Karim Badawi announced.

This move is part of Egypt's broader efforts to maintain strong relationships with international energy partners and ensure continued investment in the sector.

This came during a meeting headed by Prime Minister Mostafa Madbouly to discuss key priorities in the oil and gas sector, including the regular payment of dues to foreign partners.

Badawi highlighted the success of the ministry's incentive package for exploration and research, which has been well-received both domestically and internationally.

He also noted that Eni has ramped up its drilling activities in the Agiba field to accelerate production to target levels.

’Moreover, the minister announced a meeting with Egyptian businessmen and investors aimed at encouraging further investments in the petroleum sector, particularly in production and exploration.

He emphasized that increased investments are crucial to boosting crude oil and natural gas production rates.
Source: ZAWYA