{"id":668451,"date":"2025-07-15T00:00:00","date_gmt":"2025-07-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/15\/the-government-paid-out-usd-1-bn-in-arrears-owed-to-international-oil-companies-in-july\/"},"modified":"2025-07-15T00:00:00","modified_gmt":"2025-07-15T00:00:00","slug":"the-government-paid-out-usd-1-bn-in-arrears-owed-to-international-oil-companies-in-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/15\/the-government-paid-out-usd-1-bn-in-arrears-owed-to-international-oil-companies-in-july\/","title":{"rendered":"The government paid out USD 1 bn in arrears owed to international oil companies in July"},"content":{"rendered":"

Good afternoon, friends, and congratulations on making it to the half-way mark of the workweek.<\/strong> It\u2019s looking like an energy-heavy news day here at home, with a handful of big energy stories leading the news cycle this afternoon. Globally, however, headlines aren\u2019t focusing on one particular story, with many in the spotlight. <\/p>\n

\n

THE BIG STORIES TODAY<\/p>\n

#1- The government paid out USD 1 bn in arrears owed to international oil companies<\/strong> during the first week of July<\/strong>, Asharq Business<\/a> reports, citing an unnamed government source with knowledge of the matter. This month\u2019s disbursements mean that Egypt has paid out a total of USD 8.5 bn in arrears to IOCs in the last 12 months, after a similar payment in January<\/a> and several other payments in 2024<\/a>.<\/p>\n

We still have some ways to go \u2014 but the end is in sight:<\/strong> Egypt\u2019s total outstanding arrears now stand at around USD 2.5 bn, which the government plans to clear out in September, according to the government source.<\/p>\n

#2- UAE\u2019s AMEA Power has commissioned its 300 MWh Battery Energy Storage <\/strong>System <\/strong>(BESS)<\/strong>, Egypt\u2019s first, at its 500 MW Abydos solar power plant, according to a press release<\/a>. The integration of the BESS system into the solar project was financed by a USD 72 mn package<\/a> from the International Finance Corporation. <\/p>\n

Expanding the local footprint:<\/strong> The project is among the two Amea Power agreed to invest some USD 800 mn<\/a> to develop last year. The investment also covers a 1 GW solar power plant with 600 MWh BESS in Benban. Amea will also set up a 1 GWh<\/a> BESS facility in Zafarana.<\/p>\n

\n

\n

<\/a> <\/p>\n

For Dasha Badrawi and his team at Marakez, the North Coast is rooted in <\/strong>the memories of childhood summers in Agami and Montaza<\/strong> \u2014 the endless beach days and the simple roaming from cabin to sea. In a special Destination Sahel episode of Making It (our podcast on how regional leaders are building great businesses) Dasha is telling us how those memories are helping shape Ramla, Marakez\u2019s flagship coastal project in Ras El Hekma. <\/p>\n

Dasha is a longtime friend of EnterpriseAM<\/strong> and a big part of our origin story, so it was a treat for Patrick, our editor-in-chief, to have him on the show. They unpack how Marakez quietly became one of Egypt\u2019s most influential developers \u2014 and Dasha\u2019s journey from corporate law in London to building District 5, one of the hottest mixed-use destinations in the country. <\/p>\n

Dasha\u2019s secret?<\/strong> It\u2019s been all about surrounding himself with the right people \u2014 and taking big bets on long-term value.<\/p>\n

Dasha also shares what he sees driving buyer behavior in 2025<\/strong>, why Egypt\u2019s real estate model keeps defying gravity, and how recurring revenue, walkable communities, and local authenticity will define the next chapter of the industry.<\/p>\n

You can catch the full episode on <\/strong>Apple Podcasts<\/a><\/strong> | tune in on Spotify<\/a><\/strong> | <\/strong>and find us on Omny<\/a><\/strong>. Or tap or click here<\/a> to go read the full transcript on our website.<\/p>\n

\n

THE BIG STORY ABROAD<\/p>\n

It\u2019s a thoroughly mixed bag in the international business press this afternoon<\/strong>, with no story clearly capturing their imagination thus far. Among the stories getting top billing: <\/p>\n

JPMorgan Chase reported USD 15.0 bn in net income for 2Q 2025 on USD 44.9 bn in <\/strong>revenues<\/strong>, according to its earnings release (pdf)<\/a>. The bank\u2019s bottom line performance for the quarter came in higher than expected, marking its sixth consecutive quarter of higher-than-forecast earnings. (Financial Times<\/a> | Wall Street Journal<\/a> | Reuters<\/a>)<\/p>\n

MEANWHILE- Nvidia is also in the headlines after the company said it plans to resume <\/strong>sales of its H20 AI chip to Chinese firms.<\/strong> The planned resumption of sales comes as the US government signaled to Nvidia that these exports would be approved, which Bloomberg<\/a> notes is \u201ca dramatic reversal from the Trump administration\u2019s earlier stance on measures designed to limit Beijing\u2019s AI ambitions.\u201d Reuters<\/a> also has the story.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\u2600\ufe0f <\/strong>TOMORROW\u2019S<\/strong> WEATHER- <\/strong>Brace yourself for a particularly warm day tomorrow, with the mercury set to peak at 38\u00b0C, before cooling down to 23\u00b0C. The North Coast is also starting to get a little warmer, with a high of 29\u00b0C and a low of 25\u00b0C, according to our favorite weather app.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good afternoon, friends, and congratulations on making it to the half-way mark of the workweek. It\u2019s looking like an energy-heavy news day here at home, with a handful of big energy stories leading the news cycle this afternoon. Globally, however, headlines aren\u2019t focusing on one particular story, with many in the spotlight. THE BIG STORIES […]<\/p>\n","protected":false},"author":1,"featured_media":668452,"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":[7213],"tags":[104,93,633,91,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-668451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-economy","tag-energy","tag-enterprisepm","tag-oil-and-gas","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"0554dfe0-dfbe-4bbd-98c1-f62d0dd59725","order":"1","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/148.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The government paid out USD 1 bn in arrears owed to international oil companies in July","related_issue":[668449],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.833bd8a8-b242-4b55-b25f-531960acb4a5.mp3"},"yoast_head":"\nThe government paid out USD 1 bn in arrears owed to international oil companies in July - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/15\/the-government-paid-out-usd-1-bn-in-arrears-owed-to-international-oil-companies-in-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The government paid out USD 1 bn in arrears owed to international oil companies in July\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, friends, and congratulations on making it to the half-way mark of the workweek. 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outstanding arrears to USD 2.5 bn","rel":"","context":"In "Energy"","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":668451,"position":1},"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 "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":633582,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/govt-to-clear-usd-3-2-bn-worth-of-oil-and-gas-arrears-this-fy\/","url_meta":{"origin":668451,"position":2},"title":"Gov\u2019t to clear USD 3.2 bn worth of oil and gas arrears this FY","author":"enterpriseam admin","date":"17 July 2024","format":false,"excerpt":"The first installment \u2014 of around USD 1.2 bn \u2014 is scheduled for October","rel":"","context":"In "Energy"","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":659155,"url":"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\/","url_meta":{"origin":668451,"position":3},"title":"Government clears USD 1 bn in arrears owed to foreign oil companies in the first week of January -report","author":"enterpriseam admin","date":"22 January 2025","format":false,"excerpt":"A new schedule to settle the accumulated USD 6.5 bn in arrears had been agreed with companies","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/1190.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":668451,"position":4},"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 "Energy"","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":596549,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/egypt-pays-dana-gas-usd-38-mn-in-owed-arrears\/","url_meta":{"origin":668451,"position":5},"title":"Egypt pays Dana Gas USD 38 mn in owed arrears","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Egypt has paid Dana Gas USD 38 mn in overdue arrears in June, the company said yesterday. The Emirati company\u2019s total revenues from its month\u2019s operations in Egypt reached USD 48 mn as it has also made USD 10 mn from selling natural gas condensate. Dana Gas received a total\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/668451","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=668451"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/668451\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/668449"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/668452"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=668451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=668451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=668451"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=668451"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=668451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}