Minister of Petroleum and Mineral Resources, Karim Badawi, emphasized that the new government is fully aligned with and strongly supports the objectives of the petroleum sector. This includes efforts to boost production and leverage longstanding relationships with regional and international business partners, as well as local investors. These partnerships, he noted, provide significant momentum for advancing operations and achieving improved business outcomes that contribute to the national economy and broader development efforts.

This came during the general assembly meeting of the Egyptian General Petroleum Corporation (EGPC) to approve the business results for fiscal year (FY) 2023/24. The meeting was attended by Kamel el Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport; Manal Awad, Minister of Local Development; Ahmed Kouchouk, Minister of Finance.

Kouchouk commended EGPC’s efforts and the productive collaboration with various state agencies over the past years. He highlighted the government’s strong commitment to addressing the issue of settling arrears owed to the petroleum sector’s partners, noting that this is a top priority for boosting operations and production. Additionally, he emphasized the government’s support for EGPC in collecting its dues, meeting its financial obligations, and enhancing efforts to attract and increase investment.

The meeting included a detailed presentation by Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC), and his Deputy for Financial and Economic Affairs, Amal Tantawi, outlining key work, production, and development indicators for the past fiscal year. The presentation highlighted EGPC’s efforts to enhance its resources and support sector companies in expanding their operations and strengthening their financial standing to improve competitiveness.

Minister Karim Badawi, in closing the general assemblies for approving the petroleum sector’s performance results, expressed his appreciation for all employees at work sites, in exploration, production, and the provision of petroleum products. He acknowledged their dedicated efforts, which contributed to achieving outstanding results despite the challenges faced.