Egypt’s Oil Ministry Achieves Zero Outstanding Payments, Boosting Investment Appeal

Engineer Mahmoud Nagy, Spokesperson for the Egyptian Ministry of Petroleum.

Engineer Mahmoud Nagy, the spokesperson for the Egyptian Ministry of Petroleum, announced that the government’s successful settlement of overdue payments to investment partners in the petroleum and natural gas sectors has reached zero for the first time in years. This achievement is a result of significant efforts over the past two years, guided by President Abdel Fattah El-Sisi and closely monitored by the Prime Minister, the Minister of Petroleum, and other government officials to adhere to timelines and agreements with investment partners.

In a phone interview with journalist Mahmoud Khalil on the program “Men Masr” broadcasted on Cairo News Channel, Nagy emphasized that this accomplishment reflects a collective effort within the government. He noted that reaching “zero outstanding payments” marks a significant turning point in attracting investments. The energy sector is a fundamental pillar for development in any country; thus, increasing investments will enhance national economic returns. He highlighted that timely payment of dues boosts confidence among global, regional, and local companies operating in the sector.

The spokesperson elaborated that international companies operating in Egypt disclose their countries’ commitments to them on global stock exchanges. This financial commitment is crucial for improving Egypt’s economic reputation. He affirmed that this positive development enhances Egypt’s credibility as an attractive investment environment and stimulates further investment inflows in the upcoming phase.