Egypt repaid over $1 bln in energy debts as it secures gas needs: PM - Energy
PM Madbouly said this in a press conference held after the weekly cabinet meeting on Wednesday at the cabinet headquarters in New Alamein.
During the presser, Madbouly revealed that three FSRUs are currently docked in Ain Sokhna, ready to support Egypt's energy grid in case of unexpected disruptions to the traditional gas supplies.
The ships have not yet operated at full capacity. However, the premier stressed that they are part of Egypt's strategic reserve system to secure its energy needs during emergencies.
He also noted that two additional FSRUs will arrive soon — one to be deployed at Alexandria Port and the other at Jordan's Aqaba Port — as part of the country's emergency summer contingency measures.
Furthermore, Madbouly said Egypt has recently repaid over $1 billion in outstanding dues owed to foreign oil and gas partners, a significant move toward reducing the country's accumulated energy debt.
"Acknowledging that a large backlog remains, Egypt is committed to regularly paying monthly invoices," the prime minister reaffirmed.
By the end of 2025, an additional $1.4 billion is expected to be paid to alleviate financial pressures further and restore confidence in Egypt's energy sector.
"We cannot expect local production to increase unless we are consistent in paying both our monthly obligations and overdue debts," Madbouly added.
He also highlighted Egypt's efforts to boost domestic energy production and reduce reliance on imports by maximizing national resources and attracting global investment in exploration and extraction.
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