{"id":659155,"date":"2025-01-22T00:00:00","date_gmt":"2025-01-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/22\/government-clears-usd-1-bn-in-arrears-owed-to-foreign-oil-companies-in-the-first-week-of-january-report\/"},"modified":"2025-01-22T00:00:00","modified_gmt":"2025-01-22T00:00:00","slug":"government-clears-usd-1-bn-in-arrears-owed-to-foreign-oil-companies-in-the-first-week-of-january-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/22\/government-clears-usd-1-bn-in-arrears-owed-to-foreign-oil-companies-in-the-first-week-of-january-report\/","title":{"rendered":"Government clears USD 1 bn in arrears owed to foreign oil companies in the first week of January -report"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Madbouly government cleared up USD 1 bn in arrears owed to foreign oil companies <\/strong><strong>in the first week of January<\/strong>, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/67317\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AF%D8%AF-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%85%D9%86-%D9%85%D8%B3%D8%AA%D8%AD%D9%82%D8%A7%D8%AA-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9\/?utm_source=facebook&utm_medium=social&utm_campaign=%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF-%D8%A7%D9%84%D8%B4%D8%B1%D9%82---%D9%85%D8%B5%D8%B1\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports citing an unnamed government source. A new schedule to settle the accumulated USD 6.5 bn in arrears had been agreed with companies, with repayments set to run from next month until June 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Following a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/454b221a-69a5-4435-864e-86f3fc55f90e\/government-pledges-to-end-power-cuts-by-third-week-of-july-with-usd-1.2-bn-set-aside-for%253cmark%253e-energy%253c%2Fmark%253e-imports-and-other-initiatives\" style=\"\" rel=\"noopener\">costly few months<\/a> of energy imports to bridge the gap between local production and demand, the Oil Ministry has been on a mission to start increasing local energy production starting in 2025. In addition to partially clearing arrears to international oil companies since the EGP float in March, the Oil Ministry is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76e0292b-903e-44ce-a127-021c00848173\/new-energy-incentives-aim-to-boost-domestic-production-and-foreign-investment\" style=\"\" rel=\"noopener\">offering new incentives<\/a> to energy players that include increasing production sharing ratios with foreign companies in exchange for new investments, enhancing exploration efforts, and increasing extraction rates with the aim of boosting local production.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EXPANSION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Three Egyptian pharma players are reportedly planning to set up factories in Saudi <\/strong><strong>Arabia during 1Q 2025<\/strong>, Egyptian Businessmen's Association\u2019s Engineering Consulting Committee President Waleed Sweida told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/01\/21\/-3-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%A8%D8%AF%D8%A3-%D8%A7%D9%86%D8%B4%D8%A7%D8%A1-%D9%85%D8%B5%D8%A7%D9%86%D8%B9-%D8%A3%D8%AF%D9%88%D9%8A%D8%A9-%D8%A8%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%A3%D9%88%D9%84-%D9%85%D9%86-2025\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The companies have already purchased the land plots and plan to set up specialized facilities for the manufacture of cancer treatment drugs and medications for other chronic diseases. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another seven local companies are looking into setting up plants in Saudi Arabia<\/strong>, Sweida said, adding that he expects the final contracts for these projects to be inked late 2025-early 2026. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The pharma sector <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/803781da-c7f1-4dbf-a241-6d6fd3aa8352\/madbouly,%253cmark%253e-saudi%253c%2Fmark%253e-industry-and-mining-minister-highlight-sectors-earmarked-for-investment\" style=\"\" rel=\"noopener\">was one of key sectors<\/a> \u2014 alongside petrochemicals and automotive \u2014 included in the Egyptian-Saudi agreement on streamlining mutual investments and providing investment guarantees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new schedule to settle the accumulated USD 6.5 bn in arrears had been agreed with companies<\/p>\n","protected":false},"author":1,"featured_media":659156,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,93,72,91,427,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-659155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-pharma","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"ca76c9cd-bd19-4b29-ba58-f66d4cb731c0","order":"9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1190.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt 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&quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1297.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654951,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/11\/egypt-has-paid-78-of-its-arrears-to-foreign-oil-and-gas-companies-since-march\/","url_meta":{"origin":659155,"position":3},"title":"Egypt has paid 78% of its arrears to foreign oil and gas companies since March","author":"enterpriseam admin","date":"11 November 2024","format":false,"excerpt":"Clearing arrears is part of a larger plan to increase local production following a costly few months of energy imports","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/877.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596965,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/14\/arrears-owed-by-egypt-to-iocs-fall-to-usd-900-mn\/","url_meta":{"origin":659155,"position":4},"title":"Arrears owed by Egypt to IOCs fall to USD 900 mn","author":"enterpriseam admin","date":"14 July 2019","format":false,"excerpt":"Arrears to IOCs fall to USD 900 mn, on track to be cleared by the end of the year: Arrears owed by Egypt to international oil companies have fallen to USD 900 mn as of the end of June, down from USD 1.2 bn a year ago, Oil Minister Tarek\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed 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