Prime Minister Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Finance Minister Ahmed Kouchouk and Petroleum Minister Karim Badawi to review efforts for a sufficient and stable strategic stock of petroleum products. Discussions centered on ensuring adequate financial allocations to meet market demand and maintain stability.
Prime Minister Mostafa Madbouly convened the meeting to review efforts to secure a sufficient and stable strategic stock of petroleum products. Discussions focused on adequate financial allocations to meet market demand, maintain stability, and ensure safe stock levels for uninterrupted supply to citizens and productive sectors.
Finance Minister Ahmed Kouchouk affirmed the ministry's commitment to meeting essential needs and providing liquidity for the energy sector in coordination with the banking system. He stressed the government's efforts to balance fiscal discipline with support for strategic sectors.
The meeting reviewed current petroleum stock levels and initiatives to boost domestic production and investment. Petroleum Minister Karim Badawi highlighted expansion projects, including the trial operation of new facilities at the GASCO complex in the Western Desert for high-value gas derivatives. He noted directives to strengthen partnerships with regional and international drilling firms, supporting the five-year plan to increase domestic oil and gas output.
Progress on settling dues to foreign partners was discussed, with obligations reduced from $6.1bn in July 2024 to $1.3bn in March 2026, targeting full settlement by 30 June. Badawi confirmed the ministry's commitment to upgrading infrastructure and facilitating foreign partner operations.
Cabinet Spokesman Mohamed El-Homsani said the meeting reviewed the timeline for the temporary listing of 10 petroleum companies on the Egyptian Exchange, aiming to restructure management, convert sector growth into liquidity, and attract foreign investment.