{"id":687613,"date":"2026-03-11T00:00:00","date_gmt":"2026-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=687613"},"modified":"2026-03-11T12:45:11","modified_gmt":"2026-03-11T12:45:11","slug":"oil-ministry-plans-to-clear-usd-500-mn-in-arrears-by-may","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/03\/11\/oil-ministry-plans-to-clear-usd-500-mn-in-arrears-by-may\/","title":{"rendered":"Oil Ministry plans to clear USD 500 mn in arrears by May"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and happy almost-weekend.<\/strong> The news cycle isn\u2019t showing any signs of slowing down, and we\u2019ve got the latest below. In today\u2019s issue, we discuss how you can take a career breather, unearth a forgotten classic that asks: \u201cwhat if men didn\u2019t exist?\u201d and more. <\/p>\n

\ud83c\udf19 So, when do we eat?<\/strong> Maghrib prayers are at 6:01pm in the capital, and you\u2019ll have until 4:42am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

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THE BIG STORY TODAY-<\/p>\n

\ud83d\udccd The Oil Ministry is moving to clear USD 500 mn in <\/strong>arrears to <\/strong>international oil companies before the end of May<\/strong>, a government official tells EnterpriseAM. The ministry wants to prevent arrears from piling up again, signaling its intention to keep the investment cycle intact despite regional turbulence.<\/p>\n

The move falls within a broader effort to shrink the outstanding backlog to some USD 1.2 bn by the end of June.<\/strong> If executed, that would bring total payments to roughly USD 5 bn<\/a> \u2014 a number closely watched by operators who tie future drilling budgets to the government's ability to pay on time.<\/p>\n

^^ We\u2019ll have more on this story in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

\ud83c\udf10 Amid surging crude prices triggered by the US-Israeli war with Iran<\/strong>, the International Energy Agency (IEA) proposed the largest release of oil reserves in its history \u2014 400 mn barrels. The proposal came out of the IEA\u2019s Tuesday emergency meeting, with the reserves set to be released over a period of two months. Responses from member countries are expected Wednesday, with officials saying a rejection by just one country could delay the release plan. <\/p>\n

^^Read more on: Reuters<\/a> and the Wall Street Journal<\/a>.<\/p>\n

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