Egypt PM reviews fuel supply, arrears plan with finance, petroleum ministers

Prime Minister Moustafa Madbouly met on Monday with Finance Minister Ahmed Kouchouk and Petroleum Minister Karim Badawy to review coordination between the two ministries on fuel supply, financial support, and investment in the energy sector.

According to a Cabinet statement, the meeting focused on ongoing efforts to secure sufficient strategic reserves of petroleum products by providing the financial allocations needed to meet market demand, ensure supply stability, and maintain safe stock levels for households as well as productive and service sectors.

Kouchouk said the finance ministry is working to meet essential needs and provide liquidity for the energy sector in coordination with the banking system, while balancing fiscal discipline with support for key sectors.

The meeting also reviewed current inventory levels of petroleum products and efforts by the petroleum ministry to increase domestic production and attract further investment into the sector.

Badawy highlighted progress on expansion projects and production plans, including the trial operation of new units at the GASCO complex in the Western Desert to produce higher-value gas derivatives. He also pointed to directives issued during the Egyptian Drilling Company (EDC) general assembly to pursue strategic partnerships with regional and international drilling firms to strengthen the company’s capabilities and support targets under a five-year plan to boost domestic oil and gas output.

The meeting also reviewed a plan to settle outstanding dues to foreign partners, with full repayment scheduled by 30 June.

Badawy said arrears had been reduced to $1.3 billion in March 2026 from $6.1 billion in July 2024, adding that work is underway to complete repayment in line with the announced timetable.

He also said the ministry is working to upgrade infrastructure to facilitate operations for foreign partners and strengthen cooperation, while aiming to maximise value from these partnerships.

The meeting further reviewed a timeline for the temporary listing of 10 petroleum companies on the Egyptian Exchange (EGX), aimed at improving management practices and generating liquidity to support future investments. The companies are being selected based on financial strength and their ability to attract foreign investors.