Tarek El Molla, Minister of Petroleum and Mineral Resources, highlighted securing 12 exploration and production (E&P) agreements with working international oil companies (IOCs) in Egypt and newly-enrolled companies such as; Chevron and ExxonMobil despite the pandemic challenges. This came during CERAWeek’s annual energy conference, the most prominent energy conference in the world, and comes as a part of a series of interviews with major figures participating in the next edition of the conference in March 2021.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, agreed with the Minister of Electricity and Renewable Energy, Mohamed Shaker, to sign a protocol that aims at settling both ministries' debts and adopting a method for future transactions in a manner that ensures avoiding any financial accumulations or new arrears.

he Minister of the Petroleum and Mineral Resources, Tarek El Molla, announced that arrears of the international oil companies (IOCs), decreased to $200 million in comparison of $900 million of June 2019.

The total arrears that shall be collected by the foreign crude oil companies backed off to $900 million by the end of last June.

Dana Gas PJSC has received around $48 million from its operations in Egypt in June 2019; of which $38 million from the Egyptian government and the remaining $10 million from selling the second El Wastani condensate shipment in 2019.

Minister of Petroleum and Mineral Resources Tarek El-Molla revealed that Egypt has successfully decreased foreign partners' arrears by more than 80% between 2012 and 2018.

The Egyptian Electricity Holding Company (EEHC) received EGP 6.1 billion in arrears from authorities and governmental institutions during February.

Electricity ministry's debts to the Egyptian General Petroleum Corporation (EGPC) reached EGP 150 billion at the end of November 2018.

Dana Gas has announced receiving arrears equivalent to $20 million in Egyptian pounds from the Egyptian government.

The Egyptian government's perseverance with paying receivables to international oil companies (IOCs) will help the country to attract further investments, Chairman of the Egyptian Petrochemical Holding Company, Saad Helal, has said.