Egypt PM emphasises state commitment to petroleum, energy sector

Egyptian Prime minister Moustafa Madbouly on Thursday reaffirmed the government’s dedication to the petroleum and energy sector. He highlighted weekly meetings held to address critical issues affecting this vital industry.

For his, Madbouly revealed he would meet this evening with the Central Bank of Egypt (CBE) Governor, Petroleum Minister, and Finance Minister to discuss securing the country’s petroleum product needs, particularly for the electricity sector.

He acknowledged the immense pressure on state institutions to ensure a consistent and reliable supply of petroleum products amidst current challenges. The prime minister emphasised the government’s commitment to fulfilling its obligations in this regard and called for a clear short-term plan to restore oil and natural gas production to previous levels.

To achieve this goal, Madbouly outlined plans for increased cooperation and coordination with foreign partners. A comprehensive executive plan will be implemented to boost production rates in the future. Starting next week, the petroleum minister will engage with foreign partners to discuss strategies for expanding production volumes beginning in early 2025.

Moreover, Madbouly underscored the importance of encouraging more foreign investment in this sector. He further reiterated the urgency of restoring Egypt’s production of these products and increasing the output of wells and fields, which will benefit both the state and investors.

Attribution: The Egyptian Cabinet