Egypt’s government reviews strategic petroleum reserves, sector payments

Egypt’s Prime Minister, Moustafa Madbouly, held a meeting on Sunday to review the availability of Egypt’s strategic petroleum reserves, with the participation of Hassan Abdullah, Governor of the Central Bank (CBE), Ahmed Kouchouk, Minister of Finance, and Karim Badawi, Minister of Petroleum.

The meeting highlighted the government’s commitment to maintaining strategic petroleum reserves at safe levels to ensure market stability and the continuous supply of these essential products to productive and service sectors, as well as for citizen use.

During the session, Minister Badawi provided a detailed overview of available petroleum product quantities, outlined the future plan for securing supplies, and reviewed the status of payments owed to foreign partners in the sector.

For his part, Governor Abdullah confirmed the provision of the necessary dollar component to implement the supply plan, underlining the state’s commitment to the timely payment of foreign partners, reflecting the stability of the sector’s financial and economic policies.

Meanwhile, Minister Kouchouk assured that all financial requirements for the petroleum sector would be met to maintain the current levels of product availability, ensuring the needs of households and businesses are covered and supporting the stability of the local market.

Attribution: Amwal Al Ghad English