Cairo: Minister of Petroleum and Mineral Resources Karim Badawi has revealed a substantial decrease in the debt owed to partners involved in oil and gas production. The debt has been reduced from $6.1 billion in June 2024 to $714 million by the end of April 2026. The government is committed to settling these debts completely, with a target of zero outstanding payments by the end of the upcoming month.

According to State Information Service Egypt, Minister Badawi highlighted that consistent monthly payments, coupled with the reduction of accumulated debt and the introduction of various incentive measures, have played a crucial role in enhancing the confidence of investment partners. These initiatives are anticipated to stimulate further investment in exploration, research, and production development activities.

The minister's announcement is seen as a strategic move to boost domestic oil and gas output and decrease the country's dependency on imports. As the country works towards settling its dues, it aims to create a more attractive environment for future investments in the energy sector.