Egypt advances energy projects and pays foreign oil partners billions

Egypt is making several moves in its energy sector. The country has connected natural gas to thousands of industrial facilities and paid $5 billion to its foreign oil and gas partners to settle outstanding dues.

At the same time, Egypt is working to boost production. The Rashpetco company aims to double its natural gas output in the country by the 2029/2030 fiscal year. Egypt is also adopting new technologies to lower the cost of drilling oil wells.

Separately, Egypt and Syria have agreed to cooperate in the oil and gas sectors. A large fire also broke out at a residential building in front of the Egypt Petroleum Station in the Hadayek Al-Qubbah area, with firefighting efforts ongoing.