{"id":22705,"date":"2026-01-21T14:59:48","date_gmt":"2026-01-21T12:59:48","guid":{"rendered":"http:\/\/jhb-webdevelopers\/channelafrica\/news\/egypt-paid-5-bln-to-foreign-oil-partners-targets-arrears-cut\/"},"modified":"2026-02-27T16:33:38","modified_gmt":"2026-02-27T14:33:38","slug":"egypt-paid-5-bln-to-foreign-oil-partners-targets-arrears-cut","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/egypt-paid-5-bln-to-foreign-oil-partners-targets-arrears-cut\/","title":{"rendered":"Egypt paid $5 bln to foreign oil partners, targets arrears cut"},"content":{"rendered":"<div>Egypt has paid about $5 billion in overdue bills to foreign oil and gas partners and aims to bring remaining arrears down to $1.2 billion by June 2026, Prime Minister Mostafa Madbouly said.<\/div>\n<div dir=\"ltr\"><\/div>\n<div>Arrears stood at $6.1 billion on June 30, 2024, he said in a statement, adding the government was also meeting the partners&#8217; monthly invoices.<\/div>\n<div dir=\"ltr\"><\/div>\n<div>A foreign currency shortage forced Egypt to delay payments to international oil companies operating in Egypt, slowing investment and contributing to a drop in gas output that forced it to rely heavily on imports from 2022, whether from neighbouring Israel or costly LNG cargoes.<\/div>\n<div dir=\"ltr\"><\/div>\n<div>But following a giant $35 billion deal in 2024 with the United Arab Emirates for the rights to develop a prime stretch of Egypt\u2019s Mediterranean coast, Egypt started, paying back oil companies.<\/div>\n<div dir=\"ltr\"><\/div>\n<div>Egypt produced 3 635 million cubic meters of gas in October last year, up slightly from 3,525 million cubic meters in September but down from 3 851 million cubic meters in October 2024, according to the Joint Organisations Data Initiative.<\/div>\n<div dir=\"ltr\"><\/div>\n<div>&#8211;Reuters&#8211;<\/div>\n","protected":false},"featured_media":20970,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-22705","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"A foreign currency shortage forced Egypt to delay payments to international oil companies.","published_date":null,"news_description":"A foreign currency shortage forced Egypt to delay payments to international oil companies","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22705\/revisions"}],"predecessor-version":[{"id":25914,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22705\/revisions\/25914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/20970"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=22705"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=22705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}