Egypt’s PM reviews plans to expand strategic fuel reserves

Prime Minister Moustafa Madbouly reviewed Egypt’s plans to expand strategic petroleum reserves on Wednesday as the government seeks to safeguard domestic energy supplies against regional tensions and volatility in global energy markets.

Madbouly met Finance Minister Ahmed Kouchouk and Petroleum and Mineral Resources Minister Karim Badawy to review measures to expand fuel storage capacity and ensure adequate supplies of petroleum products, according to a Cabinet statement.

The prime minister said the government was working to build a secure strategic fuel reserve to support economic stability and ensure uninterrupted energy supplies for households and industry. He added that authorities were closely monitoring developments in global energy markets and implementing contingency plans to respond to potential supply disruptions.

Petroleum Minister Karim Badawy said the ministry was expanding storage capacity and securing fuel supply and logistics contracts as part of efforts to strengthen Egypt’s strategic petroleum reserves.

He added that the government had taken steps to meet peak summer electricity demand by ensuring the regular arrival of liquefied natural gas (LNG) cargoes and petroleum fuel shipments needed to keep power plants operating at full capacity.

Badawy said the ministry was coordinating with the Central Bank of Egypt (CBE), the Finance Ministry, the Ministry of Electricity and Renewable Energy, and other government agencies to secure fuel supplies and maintain stable electricity generation.

Finance Minister Ahmed Kouchouk said his ministry, the central bank, and the petroleum ministry were coordinating to secure the financing needed to build and maintain strategic petroleum reserves while supporting domestic market stability.

Madbouly instructed the ministries and relevant authorities to continue coordinating on developments in global energy markets and ensure the logistical and financial support needed to maintain stable domestic energy supplies, the cabinet statement said.

Attribution: Amwal Al Ghad English