Prime Minister Mostafa Madbouly held a meeting to review the availability of petroleum products’ strategic reserves and the regularity of arrears payments to International Oil Companies (IOC). The meeting was attended by Hassan Abdallah, Governor of the Central Bank of Egypt; Ahmed Kouchouk, Minister of Finance; and Karim Badawi, Minister of Petroleum and Mineral Resources, according to a statement from the cabinet.
The government is committed to maintaining strategic petroleum reserves at safe levels to ensure market stability and the continued availability of these essential resources to cover the needs of the production and service sectors, as well as those of the citizens, according to Mohamed El Homsany, Cabinet’s Spokesperson, stated.
El Homsany added that Badawi presented a comprehensive overview of the available quantities of various petroleum products during the meeting and the plan for securing these products. He also reviewed the status of payments to foreign partners.
The Cabinet spokesperson noted that Abdallah confirmed the provision of the necessary foreign currency needed to secure the petroleum products supply, affirming the state’s commitment to paying foreign partners’ dues on time. This reflects the stability of the financial and economic policies for the sector.
Badawi has previously stated that Egypt aims to pay nearly $1 billion in dues in 2025, including the $500 million disbursed in September, as part of efforts to restore investor confidence and support upstream activity.
