PM: Egypt govt pledges support for increased petroleum investment

Egyptian Prime Minister Moustafa Madbouly convened a meeting on Wednesday to address the urgent needs of the petroleum sector and bolster efforts to increase petroleum product production. The meeting was attended by key government officials, including Governor of the Central Bank of Egypt (CBE) Hassan Abdalla, Minister of Finance Ahmed Kouchouk, and Minister of Petroleum and Mineral Resources Karim Badawy.

Prime Minister Madbouly emphasised the critical importance of addressing the sector’s financing requirements before the end of the current fiscal year. Simultaneously, he highlighted the need to expand petroleum product production to meet the growing demands of the domestic market.

According to the Cabinet’s official spokesman, Mohamed Elhomosany, the meeting focused on reviewing procedures for timely payments to partners to ensure continued exploration and production activities. The Egyptian government reaffirmed its commitment to making regular payments to foreign partners to maintain production levels and support ongoing exploration efforts.

For his part, Minister Karim Badawy shared that in his discussions with foreign partners, he conveyed the government’s unwavering dedication to implementing practical solutions to address the challenges hindering their investments. The petroleum sector expressed its full support for foreign companies’ efforts to intensify exploration activities and discover new reserves, ultimately leading to increased production and improved energy security.

Attribution: The Egyptian Cabinet