Prime Minister Mostafa Madbouly has emphasized the importance of securing finances for the petroleum sector until the end of the fiscal year and increasing oil products to meet local demands.
During a recent Cabinet meeting, measures were discussed to pay partners’ bills, boost exploration and production, and incentivize production enhancements, including allowing exports of new gas shares to cover sector dues.
The government also considered increasing foreign partners’ share in new gas production to further strengthen the industry.
In a recent Cabinet meeting led by Prime Minister Mostafa Madbouly, urgent actions were emphasized to secure financial support for Egypt’s petroleum sector and meet local market demands for oil products. The government is prioritizing the payment of partners’ bills, exploring ways to increase exploration and production levels, and offering incentives to enhance production. Additionally, measures were discussed to allow exports of new gas production shares to generate revenue for the sector. Furthermore, there are plans to increase the involvement of foreign partners in new gas production to drive growth and efficiency in the industry. This strategic approach aims to ensure stability and progress in Egypt’s vital petroleum sector.
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