Egypt reviews strategic petroleum reserves

Egypt’s Prime Minister Moustafa Madbouly reviewed efforts to increase the country’s strategic petroleum products reserves during a meeting on Monday. The meeting comes as the government seeks to strengthen energy security amid regional geopolitical uncertainty.

Madbouly said the government is working intensively to secure sufficient strategic petroleum reserves to ensure market stability, adding that it is continuously monitoring regional developments and implementing flexible contingency plans and alternative scenarios to guarantee uninterrupted energy supplies and meet the needs of citizens and productive sectors.

Minister of Petroleum and Mineral Resources Karim Badawi reviewed the available quantities of petroleum products and outlined measures being implemented to increase strategic reserves in the coming period as a precaution against geopolitical risks.

The meeting also discussed coordination between the Ministry of Finance and the Central Bank of Egypt to secure sustainable financing for building and maintaining the strategic reserves, to preserve domestic market stability, and support service and productive sectors.

Attribution: Amwal Al Ghad English