Egypt has reduced arrears to foreign partners to $440 million from $6.1 billion in June 2024, with the remaining dues set to be fully settled by the end of next month, said Karim Badawi, Minister of Petroleum and Mineral Resources, during a strategic seminar organized by the British Egyptian Business Association (BEBA).
Badawi stressed that settling foreign partners’ arrears was a government priority to restore investor confidence and address major sector challenges. In early May , Badawi stated that the arrears stood at $714 million.
He added the ministry is updating Egypt’s energy strategy to raise renewables’ share in the energy mix to 48% by 2028, helping reduce gas use in power generation and redirect more supplies to industry.
Commenting on recent regional developments, Badawi welcomed Cyprus’ approval of the development plan for the Cronos gas field, reaffirming Egypt’s commitment to cooperating with Cyprus and international companies to maximize the use of Egyptian infrastructure that will be linked to the field.
Earlier in the day, the government of Cyprus said it is targeting 2028 for the first exports of Cypriot natural gas to Europe via Egypt after announcing its approval of the development plan for the Cronos field.
During the seminar, executives from international and local energy companies praised recent improvements in Egypt’s investment climate. Dalia El Gabry, Vice President and Country Chair of Shell Egypt, highlighted reforms related to commercial agreements and infrastructure utilization, citing the Mina West gas project in the Mediterranean as an example of cooperation between the ministry, the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and project partners, including Shell Egypt.
Sameh Sabry, Managing Director for the Middle East and North Africa at Harbour Energy, agreed, saying: Thanks to the Minister’s incentive program, Harbour Energy succeeded in tying a discovery in the Disouq area into production just two months after it was made in October 2025, and is working on further developing the field. Moreover, offshore, we aim to begin producing gas this year from a new well in the Fayoum field in partnership with bp and further drill a new offshore exploration well later in 2026.” Said
Meanwhile, Hoda Mansour, Managing Director of Sukari Gold Mines and Vice Chairman of AngloGold Ashanti, described the company’s investment experience at the Sukari gold mine as positive and successful. She noted ongoing efforts to deploy advanced technologies and international standards to extend the mine’s lifespan and boost productivity.
Additionally, Omar Abdel Nasser, Managing Director of Lotus Gold Corporation, a private Canadian gold exploration and development company focused on the Eastern Desert, praised structural reforms in the mining sector. These include the launch of a nationwide airborne geophysical survey program—the first in more than 40 years—alongside improvements to licensing systems and the activation of a one-stop-shop model for investors.
