Prime Minister Mostafa Madbouly met with Ahmed Kouchouk, Minister of Finance, and Karim Badawi, Minister of Petroleum and Mineral Resources, to follow up on efforts to increase the country’s strategic reserves of petroleum products.

Madbouly affirmed that Egypt is taking serious and well-studied steps to secure and build up a safe and reassuring strategic stockpile of petroleum products.

During the meeting, Badawi reviewed the current status of supplies of various petroleum products and the latest developments in the ministry’s plan to expand storage capacities and secure future flows and logistical contracts.

These efforts translate the state’s steps to secure and build up a safe and sustainable strategic stockpile of petroleum products, Badawi said, stressing readiness to meet the various needs of the local market and productive sectors.

Egypt’s crude oil production has recorded its highest level in nearly two years, exceeding 540,000 barrels per day (bbl/d). This rebound follows major reforms by the petroleum ministry and investments of over $4.5 billion to expand refineries, aiming to boost capacity, reduce fuel imports, and position the country as a regional energy hub.

The petroleum ministry is moving forward with $4.5 billion in refinery projects to boost energy security, cut import costs, and sharpen Egypt’s export edge.

For his part, Kouchouk reviewed the frameworks for continued coordination and joint work between the Ministry of Finance, the Central Bank of Egypt, and the petroleum ministry to ensure sustainable financial flows and allocations needed to strengthen the strategic stockpile.
Such coordination would help maintain the stability of local markets and support the efficiency of various sectors across the state, Kouchouk said.

At the end of the meeting, Madbouly directed the continuation of regular coordination among both ministries, the Central Bank of Egypt, and relevant authorities to monitor global energy markets.