Prime Minister Mostafa Madbouly met with Karim Badawi, Minister of Petroleum and Mineral Resources; Ahmed Kouchouk, Minister of Finance (MoF); Hassan Abdalla, Governor of the Central Bank of Egypt (CBE); and Tarek El-Kholy, CBE’s Deputy Governor, to review efforts to increase Egypt’s strategic petroleum product stockpiles, ensure uninterrupted energy supply, and maintain stable local prices across all sectors.
Badawi detailed the available stocks of various petroleum products and outlined measures implemented to bolster strategic inventory and support energy supply stability. Attendees also reviewed coordination and joint actions between MoF and CBE to ensure sustainable financing for enhancing, building, and safely accumulating a strategic petroleum stockpile.
Egypt is adopting a multi-track plan to secure energy supply through efforts to increase exploration by acquiring state-of-the-art drilling technologies, settling arrears to foreign partners to incentivise them to pump investments and maximize output. It also chartered four Floating Storage Regasification Units to pump its liquefied natural gas imports into the national grid. Driven by regional volatility, Egypt’s fuel import bill rose 14% year‑on‑year in 1Q 2026 to $ 5.5 billion, up from $ 4.8 billion a year earlier.
The conflict involving the GCC, Iran, and the U.S. is ongoing, with several attempts to establish a permanent ceasefire. The Strait of Hormuz, through which 20% of the world’s oil flows, remains partially closed.
