Immediately, President Abdel Fattah El-Sisi met with Prime Minister, Dr. Mostafa Madbouly, and Minister of Petroleum and Mineral Assets, Eng. Karim Badawi.
Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, stated the assembly centered on exploration actions and new discoveries, notably within the “Fayoum 5” oil and fuel subject positioned within the “King Mariout” space, with the goal of enhancing Egypt’s petroleum and fuel reserves. The Minister of Petroleum and Mineral Assets reviewed a number of newly-signed agreements which have contributed to elevated exploration and drilling efforts. President El-Sisi emphasised the necessity to exert most efforts to spice up exploration actions, notably because the state offers all needed incentives to fast-track subject growth, intensify manufacturing and exploration operations, and entice extra overseas investments within the petroleum sector to satisfy the rising home demand for petroleum merchandise and fuel.
As a part of preparations for the summer season season, the Minister of Petroleum supplied an outline of the strategic inventory of petroleum merchandise to make sure residents’ wants are met. He famous that rising native manufacturing within the coming interval would contribute to boosting reserves and strategic stockpiles.
The assembly additionally mentioned cooperation with Cyprus within the fuel sector and methods to leverage the found fuel reserves inside Cyprus’ Unique Financial Zone, notably within the “Cronos” and “Aphrodite” fields. This cooperation would permit for the transportation of fuel found in Cypriot waters to Egypt, taking full benefit of the nation’s capabilities to both make the most of the fuel domestically or liquefy it at Egyptian LNG amenities for export to international markets. Moreover, the assembly lined developments in vitality cooperation between Egypt and Saudi Arabia, following up on the implementation of the Memorandum of Understanding signed between the 2 international locations through the “EGYPTS 2025” convention, which was hosted in Cairo in February 2025.
President El-Sisi emphasised the need of continuous to decide to settling excellent funds to grease and fuel firms working in Egypt and fulfilling monetary obligations in the direction of them. This may assist enhance native oil and fuel manufacturing, present incentives to speed up and increase subject growth and manufacturing efforts, and drive additional exploration initiatives.
Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
