In a significant boost to Egypt’s energy sector, the American-based IPR Energy Group is looking to invest $250 million in the country within the current and upcoming years.
Mahmoud Debous, the founder and president of the group, disclosed this ambitious plan in an interview with Al Sharq during the sidelines of the “Seventh Egypt International Energy Conference and Exhibition (EGYPS 2024)”.
Debous elaborated that his company predominantly self-finances its projects, with 60% of funding coming from internal sources, while the remaining 40% is secured through bank financing.
Founded in 1981, IPR Energy Group has established a global presence in the exploration and production of crude oil, owning several gas fields in Pakistan and oil fields in Syria. Furthermore, it holds mining partnership rights in the Permian Basin in Texas, United States.
The group’s president also mentioned to Al Sharq that the company’s receivables from the Egyptian Petroleum Authority are relatively low, attributing this to the company’s high collection rate in recent times.
This comes as Egypt’s Petroleum Minister Tarek El Molla told Al Sharq that the country aims to increase foreign investments in the oil sector by approximately 25% to $7.5 billion in the fiscal year 2024-2025, up from an expected $6 billion in the current fiscal year.
This move underscores Egypt’s growing appeal as a lucrative destination for international energy investments.
