Egypt to boost oil stockpile through local production

Egypt’s Prime Minister Mostafa Madbouly on Monday held a meeting with the Minister of Petroleum, Karim Badawi to review the country’s strategic stockpile of petroleum products.

The minister stated that increasing domestic production in the coming period would help boost stockpiles while ensuring the government meets its financial commitments to foreign partners.

The minister further noted that higher local output is expected to reduce the additional petroleum import bill by approximately $1.5 billion every six months, starting in January 2025.

Minister Badawi also discussed efforts to accelerate new exploration projects, outlining several agreements signed in recent months, which are expected to enhance oil and gas exploration and support the country’s long-term energy strategy.