EGYPT · ENERGY
Key Facts
- —What is happening Egypt’s Finance Minister Ahmed Kouchouk said on Friday 23 October 2026 that the state has paid more than US$6.1 billion owed to foreign partners, speaking in an energy session.
- —Why it matters The petroleum minister says clearing the debt aims to restore investor trust and speed up oil and gas output, so paying on time matters to foreign energy companies.
- —The numbers The minister said the US$6.1 billion was paid in close to one year, but the petroleum ministry says the debts built up over more than two years.
- —Who is who Kouchouk runs Egypt’s Finance Ministry, which pays the state’s bills, and the petroleum ministry describes the foreign partners as the international companies that produce oil and gas in Egypt.
- —What to watch Egypt’s central bank decides on interest rates on Thursday 29 October, and Dabaa’s gas savings are due only in 2029 and 2030.
- —What it means for you US investors in Egyptian bonds or energy firms get a sign that Cairo pays foreign energy partners, though the minister named no company and gave no new debt figure.
Egypt says it has paid more than US$6.1 billion to the foreign partners that help produce its energy. The finance minister made the claim at a government forum near Cairo on Friday 23 October.
Egypt says it has paid off more than US$6.1 billion that it owed to foreign partners in its energy sector. Finance Minister Ahmed Kouchouk made the claim on Friday, 23 October 2026, at Egypt Forum 2026 near Cairo.
The petroleum minister says clearing the debt aims to restore investor trust and speed up oil and gas output. For US readers, a government that pays its energy partners on time is a safer place to invest.
What the Finance Minister Said About Egypt’s Energy Debt
Kouchouk spoke in the session “Egypt’s Energy Journey”, the Egyptian newspaper Youm7 reported, and Cairo24 carried near-identical wording. He said Egypt paid foreign partners more than US$6.1 billion in dues in a record period close to one year.
He said this came despite difficult regional and global conditions and interest rates at record highs. He added that the state kept funding strategic projects, including the Dabaa nuclear plant, on schedule.
Youm7 did not quote the minister naming any partner, and he spoke of “foreign partners” in general. The same US$6.1 billion matches the arrears that the petroleum ministry says it owed to foreign oil and gas companies.
How the Debt Built Up and Was Cleared
Petroleum Minister Karim Badawi said the debts built up over more than two years, as Egypt Independent reported on Wednesday, 21 October. Ahram Online reported that they stood at about US$6.1 billion in June 2024.
In January, Prime Minister Mostafa Madbouly’s cabinet said Egypt had paid about US$5 billion, Al Arabiya reported. It expected the balance to fall to US$1.2 billion by the end of June.
Ahram Online reported on Wednesday, 10 June 2026 that arrears hit zero after a final US$440 million. On Tuesday, 20 October, Badawi repeated the US$6.1 billion figure in Alexandria, Daily News Egypt reported.
Rio Times covered the June clearing in an earlier report. This article covers the finance minister’s remarks on Friday.
What Else Egypt Says It Will Do to Cut Energy Costs
Kouchouk said Dabaa nuclear power will cut the gas import bill by about US$4 billion a year from 2029 and 2030. Egypt Today reported in 2025 that the coastal plant will have four reactors and 4,800 megawatts.
Each extra gigawatt of new power saves between US$200 million and US$250 million a year in imported gas, he said. Egypt plans to add up to 27 gigawatts of new and renewable power in the coming years.
He said the Saudi electricity link is complete and the grids are being upgraded. Electricity Minister Mahmoud Esmat said Egypt had finished its side, with testing left on the Saudi side, Al Eqtisadiah reported.
A factory solar plan aims to save US$145 million a year in gas, he said (EGP 7.5 billion, about US$136 million). Energy-saving rules from March cut state bodies’ bills by EGP 7 billion last year (about US$127 million).
Hedging, which means locking in prices in advance, brought a net saving of US$150 million last year, he said. Conversions here use the market rate of about EGP 55.3 per US$ on 24 October 2026.
In Plain English
- Arrears: bills that are overdue and unpaid.
- Foreign partners: international companies that find and produce oil and gas in Egypt.
- Dabaa: Egypt’s first nuclear power plant, built on the Mediterranean coast by Egyptian and Russian teams.
- Gigawatt: one thousand megawatts of power plant capacity.
- Hedging: buying protection against price swings.
What It Means for US Readers
Investors in Egyptian bonds and emerging market funds get a sign that Cairo puts payments to foreign energy firms first. It does not settle the wider debt picture, because the minister gave no new debt figures.
Foreign oil and gas companies that drill in Egypt are the audience for this message. The minister named no company, so no single US firm can be tied to these payments.
Egypt’s central bank decides on interest rates on Thursday 29 October, a date US bond investors will watch. Related reading: Eni starts an Egypt gas hub and Egypt natural resources explained.
What Is Not Known
The Finance Ministry’s own text of the speech could not be opened, so the quotes rest on Youm7 and Cairo24. Both carry near-identical wording, so they may share one ministry source.
It is not known which partners were paid or how much each received. The minister said only “foreign partners”, and he did not say whether all of them work in energy.
The time frame is also unclear. Kouchouk said close to one year, while the petroleum ministry says the debts built up over more than two years.
The minister’s US$145 million for EGP 7.5 billion implies about 52 pounds per dollar, which is not today’s rate. At about 55.3 pounds, EGP 7.5 billion is roughly US$136 million.
What Comes Next
Egypt Forum 2026 runs from 19 to 24 October in the New Administrative Capital and closes on Saturday 24 October. Egypt Today reported in 2025 that the first Dabaa reactor is expected to start in the second half of 2028.
Gas savings from Dabaa are counted only from 2029 and 2030, according to Kouchouk. He did not say whether any payments to foreign partners are still due.
Frequently Asked Questions
Who did Egypt pay the US$6.1 billion to?
The minister said only “foreign partners”. The petroleum ministry describes the same sum as owed to foreign oil and gas companies.
Is this a new payment?
Not clearly. The figure matches the arrears that the petroleum ministry says it cleared by 10 June 2026.
Why do late payments to oil companies matter?
When companies are not paid, they may cut back spending. Egypt’s petroleum minister says clearing the debt aims to restore investor trust and speed up output.
What is Egypt Forum 2026?
It is a government showcase forum held from 19 to 24 October in the New Administrative Capital. Its energy session was called “Egypt’s Energy Journey”.
What exchange rate does this article use?
It uses the market rate of about EGP 55.3 per US$ on 24 October 2026. The minister gave his own US$ figure for the solar savings.
Sources: Youm7, Finance Minister at Egypt Forum (Arabic); Egypt Independent; Daily News Egypt; Ahram Online; Al Arabiya (Arabic); Al Eqtisadiah (Arabic); Egypt Today; Cairo24 (Arabic); Egypt Oil & Gas, Egypt Forum preview (all accessed 24 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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