El Molla Reviews Strategy to Maintain Local Market Stability Amid Global Challenges

El Molla Reviews Strategy to Maintain Local Market Stability Amid Global Challenges

Minister of Petroleum and Mineral Resources Tarek El Molla held a meeting to review the progress of the action plan that was put in place amid the Russia-Ukraine conflict to maintain local market supply stability with regards to oil, natural gas and their products.

The plan includes intensifying research and exploration work, rapidly developing new discoveries and putting them in production to increase Egypt’s production of oil and gas and boost the production capacity of Egyptian refineries to raise local production of high-quality petroleum products. The plan further includes optimizing operational efficiency and reducing import quantities from abroad to meet part of the petroleum needs, which are regularly provided to the local market despite the challenges arising from the crisis.

Moreover, the meeting tackled the supply status of the equivalent fuel supply -gas and mazut- to power stations, and the system’s success in providing supplies, especially during the peak consumption period that started from mid-July until now.

El Molla stated that the petroleum sector will continue to implement the plans developed through the integration of the work system, which closely monitors all developments of the crisis, challenges, and opportunities arising from it, and then works to reduce its negative effects on the Egyptian economy.

The oil and gas sector intensified its procedures in the field of increasing production and applying the digital transformation system, especially the monitoring, measurement, and control systems in trading crude oil and petroleum products such as diesel, gasoline, and butane, in addition to the rationalization projects that are implemented within the petroleum sector companies, El Molla pointed out.

The Minister also praised the efforts of the work system’s management team and the integration in which it works, and the coordination and constant communication between the Egyptian General Petroleum Corporation (EGPC), holding companies, and private companies.

Sarah Samir 2823 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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