(3 Minutes Read)
Several leading international energy companies are preparing to channel substantial investments into Egypt’s petroleum industry, signaling renewed confidence in the sector.
Among the contributors, Italy’s Eni is expected to invest around USD 8 billion, while the UK’s BP plans to allocate approximately USD 5 billion. Meanwhile, US-based Apache Corporation is set to contribute over USD 4 billion, complemented by nearly USD 2 billion from the UAE’s Arcius Energy. These figures were disclosed by Minister of Petroleum and Mineral Resources Karim Badawi.
The announcement came during a high-level meeting with Prime Minister Mostafa Madbouly, where discussions focused on recent progress across the ministry’s core portfolios and ongoing energy projects. The session highlighted both financial and operational developments within the sector.
A key achievement outlined by the minister was the significant reduction in outstanding payments owed to foreign partners. These liabilities have been brought down from roughly USD 6.1 billion as of June 30, 2024, to about USD 1.3 billion at present. The government aims to fully settle these dues by June 30, 2026. According to Badawi, this progress has been driven by a combination of incentive policies and consistent monthly repayments, which have played a crucial role in rebuilding investor trust and encouraging fresh capital inflows.
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In addition to investment and financial restructuring, the minister also addressed energy efficiency and fiscal sustainability. He presented a series of proposals designed to optimize petroleum product consumption across various sectors. These initiatives are part of a broader governmental strategy to curb the national import bill and alleviate pressure on foreign currency reserves. The approach seeks to strike a balance between maximizing the use of domestic energy resources and maintaining economic stability—ensuring that development goals and public service needs continue to be met without compromise.