The Minister of Petroleum and Mineral Resources Karim Badawi has met with the CEOs and representatives of the International Oil Companies operating in Egypt. During the meeting, they reviewed the current state of the petroleum industry in Egypt, discussed the challenges faced, and explored potential solutions.

During the meeting, Badawi stressed that the distinguished relations between the oil sector and its partners have contributed to achieving many successes in recent years. He added that the next stage requires a system of integration and transparency to achieve common goals and work as one team in the oil and gas industry in Egypt. He also affirmed that the Egyptian government is well aware of the challenges facing the oil industry and is working seriously and sincerely to solve them and develop scenarios and strategies to ensure that these challenges are not repeated.

The minister added that one of the most important of these challenges is bridging the gap between production and consumption in light of the unprecedented increase in consumption rates, and that this will not be achieved without increasing production and intensifying exploration and development operations. He pointed out that the goal is for the oil sector to add value to the Egyptian economy.

Badawi also sent a reassuring message to partners that the government is aware of the importance of the efforts of global companies operating in Egypt and that it is serious in its plans to schedule the payment of dues during the next stage and develop a payment mechanism to ensure that they are not delayed again.