The Egyptian government has announced a plan to pay foreign oil companies $3.2 billion in arrears in three installments during the current fiscal year.

The payment plan includes paying a first installment of $1.2 billion next October. The second installment of $1 billion will be paid before the end of this year. The third and final installment of $1 billion will be paid before the end of June 2025.

The Egyptian government paid $1.3 billion as a first installment of arrears to foreign oil and gas companies at the end of June. This first installment represents 30% of the total arrears.

The arrears payment plan comes within the framework of the Egyptian government’s efforts to attract more foreign investments in the energy sector.

The government seeks to increase the country’s natural gas production to meet its growing domestic needs. It also aims to reduce dependence on imports of liquefied natural gas.

The Egyptian government’s delay in paying the dues of foreign oil companies has led to a decline in investor confidence in the Egyptian energy sector. It has also led to an increase in borrowing costs for companies operating in this sector.

The Egyptian government is working to implement a plan to increase the country’s natural gas production in the coming years. This plan includes developing new gas fields, improving energy infrastructure, and attracting more foreign investments in this sector.

Natural gas production in Egypt has fallen to 4.8 billion cubic feet per day, which is not enough to meet its daily needs. This has led to Egypt’s return to the ranks of importers of liquefied natural gas after 5 years in which it was in the exporters club.