Arab Finance: The late dues of foreign oil and gas companies to the government currently amount to about one billion dollars, after it recently paid dues worth one billion dollars, according to the East Economy website.
The government was able to pay $3.5 billion in arrears since March 2024, representing a 77.8% reduction in arrears owed to foreign companies by the government within seven months.
It is worth noting that paying dues to foreign oil and gas companies is part of a larger plan to increase domestic production after a few months of costly energy imports to bridge the gap between domestic production and demand, which emphasized the need to put the country’s energy production back on track.
The Ministry of Petroleum is also currently offering new incentives to companies operating in the country, which include increasing production quotas for foreign companies in exchange for pumping new investments, enhancing research and exploration efforts, and increasing extraction rates, with the aim of increasing local production starting in 2025.
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