Egypt’s Prime Minister Moustafa Madbouli has reviewed a number of shared work files of the financial and energy sectors, during a meeting on Monday with Minister of Finance Ahmed Kouchouk and Minister of Petroleum and Mineral Resources Karim Badawi.
The discussions focused on ongoing coordination between the two ministries to ensure the availability of a sufficient and stable strategic reserve of petroleum products.
This is being achieved through the provision of necessary financial allocations to meet domestic demand, maintain supply stability, and guarantee the continued availability of fuel for citizens as well as for productive and service sectors.
The minister of finance reaffirmed the government’s commitment to meeting essential public needs and ensuring the liquidity required for the energy sector in coordination with the banking system.
He stressed the importance of maintaining a balance between fiscal discipline and continued support for key sectors of the economy.
The meeting also reviewed the current status of petroleum product reserves, alongside efforts by the Ministry of Petroleum to increase domestic production and attract further investment in the sector.
The Minister of Petroleum highlighted progress in several development projects and production expansion plans, including the trial operation of new expansions at the GASCO complex in the Western Desert aimed at producing high-value gas derivatives.
He also referred to directives issued during the general assembly of the Egyptian Drilling Company to pursue strategic partnerships with regional and international drilling firms, in support of the company’s capabilities and the implementation of a five-year plan to increase domestic oil and natural gas output.
The meeting further reviewed progress in settling dues owed to foreign partners, with these obligations scheduled to be fully cleared by 30 June.
The Minister of Petroleum noted that such dues have been reduced from 6.1 billion US dollars in July 2024 to 1.3 billion US dollars in March 2026, with efforts continuing to finalise payments within the agreed timeframe.
He also reaffirmed the ministry’s commitment to upgrading infrastructure to facilitate the work of foreign partners, strengthen cooperation, and maximise the added value of such partnerships.
Finally, the meeting discussed the timetable for the temporary listing of ten petroleum sector companies on the Egyptian Exchange.
This initiative aims to enhance governance structures, capitalise on recent sector growth, and convert part of this growth into liquidity to support future investment plans.
The companies selected for listing are being chosen on the basis of strong financial performance and their ability to attract foreign investment.
