Egypt aims to restore normal natural gas production by the summer of 2025, according to Prime Minister Mostafa Madbouly.
The announcement was made during a press conference on Thursday, where Madbouly addressed the country’s recent production decline.
The reduction in output was attributed to arrears owed by the government to foreign oil and gas companies.
Madbouly did not specify the exact amount owed or provide a timeline for repayment.
In March, Reuters reported that Egypt had allocated up to $1.5 billion to settle debts with these foreign firms.
These arrears accumulated during a prolonged foreign currency shortage, which has recently improved.
Egypt has also faced power shortages, driven by increased demand for air conditioning during the summer months.
The country, which primarily relies on natural gas for electricity generation, halted power cuts in July after receiving new gas shipments.
Madbouly assured the public that “electricity load-shedding cuts won’t return again.”
He also announced that $2.5 billion has been set aside to stabilize energy supplies.
Additionally, the first phase of an Egypt-Saudi Arabia power grid link is expected to be operational by the summer of 2025.
