Egypt to pay 20% of foreign oil companies’ $4.5 Billion dues by June

Egypt is preparing to clear 20% of the outstanding debts owed to foreign oil and gas companies operating within its borders by June, according to reports.

The dues, which accumulate from activities like oil and gas exploration, drilling, and extraction conducted at the Egyptian General Petroleum Corporation (EGPC), amount to roughly $4.5 billion, based on data from the International Monetary Fund (IMF).