Several international energy companies are planning significant capital inflows into Egypt’s petroleum sector, including Italy’s Eni with investments estimated at $8 billion, UK-based BP with around $5 billion, and US company Apache with investments exceeding $4 billion, in addition to approximately $2 billion from the UAE’s Arcius Energy, according to statement by Minister of Petroleum and Mineral Resources Karim Badawi.

This came during a meeting with Prime Minister Mostafa Madbouly to review the latest developments across key ministry portfolios and ongoing projects in the energy sector.

During the meeting, the minister highlighted the ministry’s success in gradually reducing outstanding dues to foreign partners from around $6.1 billion as of June 30, 2024, to approximately $1.3 billion currently, with full settlement targeted by June 30, 2026.

He noted that incentive measures and consistent monthly payments have helped restore investor confidence and attract major global investments.

On energy efficiency and fiscal sustainability, the minister presented a set of proposals and mechanisms aimed at rationalizing petroleum product consumption across various sectors.

These measures form part of the government’s broader strategy to reduce the import bill and ease pressure on foreign currency resources, while ensuring optimal utilization of available energy supplies without compromising development needs or public services.