Egypt is moving faster than expected to clear the last of its outstanding debts to international oil companies, a step officials hope will unlock fresh investment and accelerate energy projects across the country.
Oil and Mineral Resources Minister Karim Badawi said on Monday that the government now plans to settle all remaining overdue payments owed to foreign energy partners by June 10, nearly three weeks ahead of its previously announced June 30 target.
The accelerated repayment effort marks a significant milestone for Egypt, which has spent the past two years working to restore investor confidence after a period of severe economic strain, foreign currency shortages and delayed payments that affected operations across the energy sector.
According to Badawi, arrears owed to international oil companies have fallen sharply from $6.1 billion in June 2024 to just $440 million as of May 2026. The reduction is being closely watched by major energy firms operating in Egypt, one of the Eastern Mediterranean's most important natural gas producers.
The government believes the repayment programme is already delivering results.
