Prime Minister Confirms President Sisi’s Monthly Oversight on Petroleum Debt Resolution

Dr. Mostafa Madbouly, the Prime Minister of Egypt, announced that President Abdel Fattah El-Sisi has been directly overseeing the resolution of the debts owed by petroleum companies for the past two years, with monthly reviews of targets and figures.

During a press conference today, Madbouly emphasized the significance of this initiative for every citizen, stating that it demonstrates the government’s commitment to undertaking projects in partnership with international and foreign companies. He noted that major firms are operating in the Egyptian market alongside local companies, and there is a positive sentiment surrounding the settlement of these debts.

The Prime Minister highlighted that the positive impact of this decision is evident in new exploration activities. He explained that foreign companies have gained significant confidence in the Egyptian government’s commitment, leading to an accelerated pace in exploration efforts. These operations require investments amounting to hundreds of millions of dollars, and there are encouraging updates regarding new explorations, which he described as very promising.