Prime Minister Mostafa Madbouly convened a meeting this morning at the government headquarters in the New Administrative Capital with Finance Minister Ahmed Kouchouk and Petroleum Minister Karim Badawi to review efforts to secure a sufficient and stable strategic stock of petroleum products.
The discussions focused on ensuring adequate financial allocations to meet market demand, maintain stability, and preserve safe stock levels to guarantee uninterrupted supply for citizens and productive sectors.
Finance Minister Kouchouk affirmed the ministry’s commitment to meeting essential needs and providing liquidity for the energy sector in coordination with the banking system. He stressed that the government is working to balance fiscal discipline with support for strategic sectors.
The meeting also reviewed current petroleum stock levels and ongoing efforts to boost domestic production and investment. Minister Badawi highlighted expansion projects, including the trial operation of new facilities at the GASCO complex in the Western Desert to produce high-value gas derivatives. He also noted directives to strengthen partnerships with regional and international drilling firms, supporting the five-year plan to increase domestic oil and gas output.
Progress on settling dues owed to foreign partners was also discussed. Badawi confirmed that outstanding obligations had been reduced from $6.1bn in July 2024 to $1.3bn in March 2026, with full settlement targeted by 30 June. He emphasized the ministry’s commitment to upgrading infrastructure, facilitating foreign partner operations, and maximizing added value from joint ventures.
Cabinet Spokesman Mohamed El-Homsani added that the meeting reviewed the timeline for the temporary listing of 10 petroleum companies on the Egyptian Exchange. The move aims to restructure management approaches, convert sector growth into liquidity, and attract foreign investment. Companies selected for listing are those with strong financial positions and high investor appeal.
