Prime Minister Mostafa Madbouly held a meeting with Minister of Petroleum and Mineral Resources Tarek El Molla Minister of Finance Mohamed Maait, and Vice Minister of Finance for Fiscal Policies Ahmed Kouchouk to follow up on procedures for providing the necessary funding for the import of petroleum products, the Cabinet said.
Madbouly highlighted the importance of continuing the existing coordination between the Ministries of Petroleum and Finance in order to provide the necessary funding for petroleum products to meet the needs of the local market, especially in light of the continuing repercussions of the global developments, such as the Russian-Ukraine war.
During the meeting, El Molla shed light on the ministry’s efforts in this regard, explaining that work is being done according to an integrated system aimed at increasing local production of high-quality petroleum products to reduce import costs. This is in addition to accelerating the development of new discoveries, increasing the production capacity of Egyptian refineries, as well as expanding the application of the digital transformation system to measure and control the system of trading crude oil and petroleum products.
The meeting witnessed a review of the challenges facing this sector in light of the Russian-Ukrainian conflict and the efforts exerted by the petroleum sector to confront them.