Prime Minister Mostafa Madbouly chaired a meeting today to address outstanding payments to foreign companies involved in Egyptian oil projects. The meeting was attended by Hassan Abdullah, Central Bank Governor; Tarek El Molla, Minister of Petroleum and Mineral Resources, and Mohamed Maait, Minister of Finance.

Madbouly emphasized the government’s commitment to resolving this issue. A well-defined payment mechanism will be implemented to settle dues owed to foreign partners. This action aims to boost confidence in Egypt’s energy sector and attract further foreign investment.

According to Counselor Mohamed El-Homsany, the Prime Minister’s spokesperson, the government has begun paying off approximately 20% of the outstanding amount. A structured plan is in place to settle the remaining arrears in the coming period.

The meeting also addressed securing a steady supply of petroleum products for the domestic market. Discussions covered exploration and research initiatives, along with plans to enhance the production capacity of Egyptian refineries. This will increase local production of high-quality petroleum products and improve operational efficiency.