Minister of Petroleum and Mineral Resources Karim Badawi revealed that the announced incentive measures yielded positive results by the end of December 2024 by adding new petroleum products. This will contribute to saving an additional import bill cost of $1.5 billion annually, starting from January 2025.
Badawi’s statement came during the meeting held by Prime Minister, Mostafa Madbouly, to follow up on efforts to secure the energy supplies needed to sustain the operation of power stations. The meeting was attended by Mahmoud Esmat, Minister of Electricity and Renewable Energy; and Ahmed Kouchouk, Minister of Finance.
The Prime Minister began the meeting by pointing out that the aim of the meeting is to secure the necessary energy supplies to sustain the operation of power stations during the coming periods, ensuring the provision of the electrical capacities needed by Egyptian families, as well as the continuation of the work of the various sectors of economic activity.
The meeting followed up on the efforts to increase the capacities of new and renewable energy stations that are entering service successively.
Madbouly pointed out government’s interest in the optimal operation of power stations, which would contribute to achieving more savings in consumption.
Meanwhile, Badawi referred to the government’s efforts during the past period to pay the monthly bill of foreign partners’ dues, which contributes to accelerating the pace of production again, which is reflected in increasing production capacities.
During the meeting, Badawi presented the exploratory drilling plan during 2025/2026, which contributes to providing an import bill for Egypt during the coming period.
Badawi also presented the planned and actual amounts for importing the required petroleum products during the second half of this year.
In turn, Esmat said that there is full coordination with the Ministry of Petroleum and Mineral Resources to work on increasing electricity generation rates from highly efficient stations, pointing out the interest as well in ways to rationalize consumption.
