President Abdel Fattah Al-Sisi has instructed to preserve the state’s strategic reserves of petroleum products, according to a statement by the spokesman of the Egyptian Presidency.
This came during a meeting with the Minister of Petroleum and Mineral Resources, Tarek El Molla, where he reviewed the current state of the global oil market in light of the coronavirus (COVID-19) pandemic. El Molla reviewed the imbalance of supply and demand equilibrium in the energy sector around the world as a result of the pandemic. He noted that it is especially affecting developing economies, production, and the mechanisms of trade of goods and services.
Additionally, he showcased the state’s reserves of crude oil and various petroleum products of gasoline, diesel fuel, or natural gas. El Molla also discussed the daily average rate of imports, production, and consumption, while noting the regularity of petroleum products’ transportation as well as the activities of fuel supply stations throughout the day.
Furthermore, the president noted that all necessary preventive and precautionary measures should be strictly followed in the petroleum sector’s projects in order to protect workers from COVID-19. Additionally, he directed the ministry to continue delivering natural gas to new cities and households, as well as expanding the smart meters system.