{"id":709375,"date":"2026-06-11T00:00:00","date_gmt":"2026-06-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=709375"},"modified":"2026-06-11T02:53:49","modified_gmt":"2026-06-11T02:53:49","slug":"govt-fully-clears-usd-6-1-bn-in-arrears-to-intl-oil-companies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/06\/11\/govt-fully-clears-usd-6-1-bn-in-arrears-to-intl-oil-companies\/","title":{"rendered":"Gov\u2019t fully clears USD 6.1 bn in arrears to int\u2019l oil companies"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> We head to the weekend with a mixed bag of inflation data, as annual urban inflation urban inflation cooled to 14.6% in May, but monthly figures ticked up to 1.6% due to lingering food price pressures. Because of these persistent upside risks, don\u2019t expect any rate cuts just yet \u2014 analysts agree the central bank will likely maintain its cautious wait-and-see approach and keep rates on hold at its meeting next month.<\/p>\n

We take a deep dive into the rationale behind Madbouly\u2019s no-new-IMF-program stance <\/strong>after the current facility expires next December. However, some experts warn that unforeseen global shocks could eventually force a return to the Fund.<\/p>\n

\u2026 and finally<\/strong>, the government cleared its massive USD 6.1 bn backlog of arrears owed to international oil companies. Now we will be tracking if the zero-arrears label remains.<\/p>\n

***<\/strong><\/p>\n

WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.<\/strong><\/p>\n

***<\/strong><\/p>\n

A bill worth paying<\/p>\n

<\/a> The government fully cleared its outstanding arrears to international oil companies \u2014 totaling US<\/strong>D 6.1 bn accrued since June 2024<\/strong>, according to a statement (watch, runtime: 05:57<\/a>) from Oil Minister Karim Badawi. The payment fulfills the promise the government made to the energy sector as it tries to reverse years of declining domestic production.<\/p>\n

Why it matters: <\/strong>Clearing<\/a> the arrears backlog was the linchpin in the government\u2019s strategy to restore investor confidence and get international operators drilling again. Combined with sweeter commercial terms, settling the debts has already unlocked a USD 19 bn<\/a> investment pledge from global energy majors, which sets the state up to hit its USD 6.2 bn<\/a> sector FDI target next fiscal year.<\/p>\n

But don't expect an immediate fix:<\/strong> Even with capital flowing back in, offshore drilling and infrastructure development take years, meaning a significant rebound in domestic output won\u2019t happen overnight.<\/p>\n

It wasn\u2019t easy, but it\u2019s done:<\/strong> Despite ongoing regional disruptions, the government remained dedicated to paying down its debt over the past three months. Arrears stood at USD 714 mn<\/a> at the end of April and were slashed to USD 440 mn<\/a> by the end of May. This commitment comes even as the country faces rising energy prices and a surging gas import bill \u2014 which stood at USD 2.5 bn<\/a> in 1Q and is set to jump to USD 10.7 bn<\/a> in the next fiscal year.<\/p>\n

\n

Gabal El Zeit gets its PPA terms<\/p>\n

<\/a> Alcazar Energy\u2019s Gabal El Ziet wind farm transaction will run for 25 years at a tariff of USD 0.03 per kwh <\/strong>under its power purchasing agreement (PPA), a senior government official tells EnterpriserAM. The Egyptian Electricity Transmission Company will off-take all generated power, with the bulk of the tariff to be settled in USD and the remainder in EGP over the life of the project.<\/p>\n

The upgrade:<\/strong> The terms are tied to a recently inked USD 420 mn agreement<\/a> with the New and Renewable Energy Authority to operate and manage the 580 MW facility. To achieve this, the UAE-based company will gradually funnel USD 250 mn into operational investments to restart idle turbines, lift efficiency, and maintain a minimum output of 580 MW.<\/p>\n

Why it matters:<\/strong> The agreement gives one of the country\u2019s largest wind assets a private-sector upgrade at a time when the government is racing to reach its renewable energy targets and reduce its reliance on natural gas. The farm generates up to 2.4 TWh of clean electricity and avoids over 1.1 mn tons of CO2 emissions annually, the official adds. It also provides a welcome addition to the privatization pipeline, which took a hit earlier this week<\/a> after the long-awaited Banque du Caire IPO was delayed to September.<\/p>\n

\n

Going green for EBRD capital<\/p>\n

<\/a> The European Bank for Reconstruction and Development (EBRD) is targeting EUR 7.5 bn (c. EGP 450 bn) in financing for Egypt over th<\/strong>e next five years<\/strong>, the Arabic press<\/a> reports, citing Mai Ismail, the lender\u2019s associate director. The EBRD is planning to direct a larger share of this capital toward real estate, but developers need to adopt green construction models to receive it.<\/p>\n

The EBRD is on a major green push,<\/strong> mandating that at least 50% of its annual investments go toward the Green Economy Transition, according to its 2026\/28 strategy implementation plan (pdf)<\/a>. For developers, this means certifications like<\/a>EDGE and LEED<\/a> can transform a property into a highly bankable asset, opening the door to a completely different investor base and unlocking much better financing terms, including lower interest rates and extended grace periods.<\/p>\n

REFRESHER-<\/strong> The EUR 7.5 bn target underscores the EBRD\u2019s expansion beyond traditional infrastructure into green logistics and MSMEs in Egypt. Recent moves include a EGP 1.3 bn<\/a> green facility for an EDGE-certified Ibnsina Pharma warehouse and a USD 50 mn<\/a> package to NBK Egypt, targeting youth-led and underserved MSMEs.<\/p>\n

\n

Another IPO delayed to 4Q<\/p>\n

Qalaa Holding\u2019s logistics arm National Ports Management (NPM) is now looking to IPO in September<\/strong>, the Arabic press<\/a> reports, citing Chairman Ahmed Heikal. The move pushes back an original June-July window for the float.<\/p>\n

The bigger picture:<\/strong> Qalaa is planning to float three additional subsidiaries within one year of NPM's debut (compared to five subsidiaries<\/a> it said it was mulling late last year), including Dina Farms for Food Industries, ASEC Automation, and one unnamed company \u2014 part of a masterplan by its corporate parent to shrink its debt pile.<\/p>\n

Dodging the summer market lull? <\/strong>Earlier this week, Banque du Caire \u2014 one of the government\u2019s headline IPO acts \u2014 also pushed its roadshow<\/a> back to a September-October window, with bookrunners EFG Hermes and CI Capital citing the need to widen the institutional book after the summer slowdown. Regional geopolitical tensions reportedly also played a part in the decision.<\/p>\n

ADVISORS- <\/strong>Zilla Capital is quarterbacking the IPO, with Baker Tilly serving as the independent financial advisor.<\/p>\n

\n

Happening today <\/p>\n

Introducing <\/strong>KORA.CA<\/strong>.<\/strong> Shares of Korra Energi will hit the EGX trading floor in just a few hours at an opening price of EGP 2.97 per share, according to a bourse filing (pdf)<\/a>. The stock can swing as much as 40% in either direction \u2014 double the usual limit \u2014 with circuit breakers temporarily switched off until the market settles on a closing price today, giving plenty of room to find its footing. The company is floating some 247.5 mn shares, good for an 11% stake.<\/p>\n

REFRESHER-<\/strong>Korra Energi wrapped up bookbuilding for its EGP 735 mn IPO<\/a> before the Eid Al Adha holiday. Retail demand for the offering far exceeded institutional appetite, with the 99 mn-share public offering closing at a massive 31.35x oversubscription. The private tranche was 3x covered<\/a>.<\/p>\n

Why it matters: <\/strong>This is the second IPO this year, after Gourmet\u2019s blockbuster offering<\/a> in February, and the first to hit the market since the Iran war broke out and rattled regional sentiment \u2014 making it an early read on investor appetite in a more uncertain environment. While the EGX has remained relatively insulated<\/a> \u2014 posting modest gains compared to its GCC peers \u2014 foreign and regional investors<\/a> have largely pulled back.<\/p>\n

PSA- <\/p>\n

WEATHER- <\/strong>The familiar warm weather is lingering in Cairo today, with a high of 35\u00b0C and a low of 23\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s several degrees cooler in Alexandria<\/strong>, with a high of 29\u00b0C and a low of 21\u00b0C.<\/p>\n

And over the weekend<\/strong>, expect to see similar temperatures in the capital (a high of 34-35\u00b0C) and the same cooler conditions for our friends on the Mediterranean (a high of 28-29\u00b0C).<\/p>\n

The big story abroad <\/p>\n

The US <\/strong>lau<\/a><\/strong>nched a fresh wave<\/a><\/strong> of attacks on Iran last night <\/strong>and threatened to continue the attacks if Tehran doesn\u2019t sign the peace agreement. US President Donald Trump said Iran would \u201cpay the price\u201d for dragging out negotiations. <\/p>\n

The Iranian response: <\/strong>Iran launched strikes in Bahrain targeting the US Fifth Fleet \u2014 Bahrain\u2019s Interior Ministry<\/a> sounded the alarm and told the public to seek shelter. Shortly after, Kuwait said<\/a> it was intercepting aerial targets. <\/p>\n

The state of Hormuz is unclear<\/strong>, with contradicting reports from Iran and the US. State-run Iranian media said the waterway has been closed to all vessels, while the US said commercial ships are continuing to transit.<\/p>\n

Looking at the markets: <\/strong>Oil jumped on the news, with Brent crude rising over 2% to USD 95.14. Asian markets opened lower \u2014 extending losses initially triggered by a tech selloff \u2014 and in the US, equities are on track to open in the red with futures down in response to the attacks. <\/p>\n

Speaking of US markets: <\/strong>The country saw inflation pick up in May, recording 4.2% \u2014 its highest level in three years \u2014 on the back of rising energy costs, making a rate hike from the Federal Reserve appear increasingly likely. Commenting<\/a> on the figure, Trump said, \u201cI love the inflation,\u201d promising that \u201coil [will] drop to where it was before [the war].\u201d <\/p>\n

The 2026 World Cup kicks off tonight<\/strong> with a showdown between South Africa and Mexico starting at 10pm. To better acquaint yourself with the players, check out The Athletic\u2019s list of 200 players to watch at the 2026 World Cup<\/a>. The Pharaohs will face Belgium on Monday at 10pm and then New Zealand a week later. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people. We head to the weekend with a mixed bag of inflation data, as annual urban inflation urban inflation cooled to 14.6% in May, but monthly figures ticked up to 1.6% due to lingering food price pressures. Because of these persistent upside risks, don\u2019t expect any rate cuts just yet \u2014 analysts […]<\/p>\n","protected":false},"author":1,"featured_media":709376,"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":[12573],"tags":[2001,571,68,72,65,91,81,613,151,74,7081],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-709375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today-10","tag-alcazar-energy","tag-ebrd","tag-egx","tag-enterpriseam","tag-investment","tag-oil-and-gas","tag-privatization-watch","tag-qalaa-holdings","tag-renewables","tag-what-were-tracking-today","tag-wind-power","wpautop","entry"],"acf":{"mongo_id":"7eba6190-7b06-4312-a0d7-0c142bd8bd17","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/2\/1259.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gov\u2019t fully clears oil arrears","related_issue":[709373],"teaser":""},"yoast_head":"\nGov\u2019t fully clears USD 6.1 bn in arrears to int\u2019l oil companies - 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\/2026\/06\/11\/govt-fully-clears-usd-6-1-bn-in-arrears-to-intl-oil-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t fully clears USD 6.1 bn in arrears to int\u2019l oil companies\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. 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We head to the weekend with a mixed bag of inflation data, as annual urban inflation urban inflation cooled to 14.6% in May, but monthly figures ticked up to 1.6% due to lingering food price pressures. 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The headline rate fell to 5.6% last month from 6.3% in October, the lowest rate since July and within the lower end of the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/291.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543657,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/annual-urban-inflation-highest-in-almost-2-5-years-in-january\/","url_meta":{"origin":709375,"position":1},"title":"Annual urban inflation highest in almost 2.5 years in January","author":"enterpriseam admin","date":"13 February 2022","format":false,"excerpt":"Annual urban inflation hit its highest level in almost two and a half years in January due to rising food prices and an unfavorable base effect, according to figures released Thursday by statistics agency Capmas. Urban inflation rose to 7.3% last month from 5.9%in December, recording its highest rate since\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566303,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/annual-headline-inflation-rises-to-4-8-but-slowed-m-o-m-in-may\/","url_meta":{"origin":709375,"position":2},"title":"Annual headline inflation rises to 4.8%, but slowed m-o-m in May","author":"enterpriseam admin","date":"10 June 2021","format":false,"excerpt":"Inflation inched up in May, thanks to a spike in food prices, an unfavorable base effect, and skyrocketing global commodities. Annual headline rate accelerated to 4.8% in May from 4.1% in April, while the overall rate in urban and rural areas (pdf) rose to 4.9% last month from 4.4% a\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/459.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567047,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/12\/egypt-inflation-nearly-doubles-to-7-1-in-december\/","url_meta":{"origin":709375,"position":3},"title":"Egypt inflation nearly doubles to 7.1% in December","author":"enterpriseam admin","date":"12 January 2020","format":false,"excerpt":"Inflation nearly doubles m-o-m to 7.1% in December: Annual urban inflation jumped to 7.1% in December, up from 3.6% in November, the Central Bank of Egypt (CBE) calculated in its monthly CPI release (pdf) which is based on Capmas data (pdf). 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