Government commits to reschedule repayment for int’l companies in nation’s petroleum sector

Minister of Petroleum and Mineral Resources Kareem Badawi underscored the Egyptian government's commitment to rescheduling payment for international companies engaged in the nation's petroleum sector, highlighting the establishment of a payment mechanism that aims at averting future delays. The minister made his remarks during a plenary meeting he held with heads and representatives of international companies operating in Egypt with the attendance of arrays of Egyptian leaders in this field. He reassured those foreign officials of Egypt's appreciation for the efforts exerted by their companies in the country's petroleum sector, emphasizing the need for integration and transparency in pursuing shared objectives within the oil and gas industry. Badawi stressed the government's efforts to narrow the gap between production and consumption, noting the essential need for increased production and intensified development efforts to achieve this goal. Source: State Information Service Egypt