Prime Minister Mostafa Madbouly has held a meeting to review the needs of the oil and gas sector, as well as efforts to increase petroleum products. This was in the presence of Hassan Abdullah, Governor of the Central Bank of Egypt (CBE); Karim Badawi, Minister of Petroleum and Mineral Resources; and Ahmed Kouchouk, Minister of Finance.

The Prime Minister began the meeting by noting that holding this meeting comes to review the necessary needs of the petroleum sector to provide the required funding for it, until the end of the current fiscal year, while continuing to work on increasing petroleum products to meet the needs of the local market.

The meeting reviewed the procedures for paying the monthly bill to foreign partners. To ensure the continuation of increased exploration and production activities, the government is committed to sustaining regular monthly payments to these partners, thereby maintaining production rates and supporting ongoing exploration efforts.

The spokesperson added that the incentive measures to increase production were reviewed, whereby it was agreed to allow the export of a certain share of the new gas production, with its proceeds used to pay the required dues. Additionally, the price of the foreign partner’s share of the new gas production will be increased, in accordance with the economic model.

During the meeting, Badawi noted that during his meeting with foreign partners, an important message was conveyed, which represents the sincere desire and full agreement of the Egyptian government to implement practical solutions that contribute positively to overcoming the challenges facing the partners’ investments, especially regarding the payment of dues.