Egypt Achieves Zero Debt for Oil Companies in Strategic Milestone

The Egyptian Ministry of Petroleum has successfully resolved all outstanding dues owed to investment partners in oil and gas production, marking a historic milestone with debts reaching zero for the first time in years.

Minister of Petroleum and Mineral Resources, Karim Badawy, announced that this unprecedented achievement signifies a pivotal turning point in the Egyptian oil and gas sector. It heralds a new era characterized by trust, investment, growth, and increased production.

He attributed this success to the continuous support and oversight from President Abdel Fattah el-Sisi, along with the collaborative efforts within the government led by Prime Minister Mostafa Madbouly. The achievement was made possible through ongoing coordination among various relevant entities.