Egypt steps up petroleum reserves amid geopolitical uncertainty

Egypt is increasing its strategic reserves of petroleum products as a precaution against regional geopolitical tensions, Prime Minister Moustafa Madbouly said on Wednesday. He added that the government is also closely monitoring stocks of essential commodities to ensure adequate supplies.

Speaking at the Cabinet’s weekly meeting, Madbouly said the government is expanding reserves of petroleum products for various uses to mitigate any potential impact from regional developments, in line with directives from President Abdel Fattah El-Sisi.

He said authorities were also closely monitoring strategic commodity reserves to maintain adequate stock levels and safeguard supplies of essential goods.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser