Egypt’s Prime Minister Moustafa Madbouli stressed the importance of continuing preparations to secure the fuel requirements of power plants and the industrial sector during the Eid Al-Adha holiday and the upcoming summer season, in light of rising temperatures and increasing consumption rates.
During a meeting held on Sunday to follow up on the measures being implemented by the Ministry of Petroleum and Mineral Resources in coordination with the relevant ministries and authorities, the prime minister underscored the necessity of ensuring the availability of various petroleum products, particularly during the holiday period, while intensifying readiness efforts for the summer season.
Minister of Finance Ahmed Kouchouk and Minister of Petroleum and Mineral Resources Karim Badawi were present at the meeting.
During the meeting, the prime minister emphasised the importance of accelerating the development of newly-discovered wells and integrating them into the national production network, in addition to intensifying exploration and drilling activities.
He further highlighted the need to expedite the settlement of outstanding dues owed to companies operating in the oil and gas sector in accordance with the agreed schedules, as part of the state’s efforts to enhance production efficiency and encourage further investment, the Cabinet Spokesman Ambassador Mohamed el-Homosani said in a statement.
He added that the meeting further reviewed the government’s ongoing efforts to secure the country’s needs of petroleum products, including those required for development projects, while ensuring the necessary financial allocations to maintain the efficient operation of the oil and gas sector.
The discussions also addressed efforts aimed at increasing domestic oil and gas production, alongside measures undertaken to attract greater private sector investment into the sector.
For his part, Finance Minister Kouchouk affirmed the ministry’s commitment to providing the financial resources necessary to meet citizens’ essential needs and support key sectors of the state, particularly the oil and gas sector, in coordination with the banking system.
Petroleum Minister Eng Badawi, meanwhile, confirmed that the ministry is proceeding in accordance with proactive plans designed to address different consumption scenarios and potential developments during the summer period.
He noted that coordination is ongoing with the Ministry of Electricity and Renewable Energy through joint working groups to ensure integrated action and secure energy supplies.
