– As President meets with Minister of Petroleum
Cairo — Egypt President Abdel Fattah El-Sisi has emphasized the importance of developing newly discovered wells and including them in the nation’s production plan, as well as intensifying exploration activities in Egypt’s onshore and offshore areas.
President El-Sisi met recently with Prime Minister Dr. Mostafa Madbouly, Governor of the Central Bank of Egypt Mr. Hassan Abdallah, Minister of Finance Mr. Ahmed Kouchouk, and Minister of Petroleum and Mineral Resources Eng. Karim Badawi.
The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the meeting tackled the government’s efforts to ensure the state’s needs for petroleum products requirements are met, including those necessary for development projects. This is in addition to providing the necessary funds to sustain efficient operations in this sector. The meeting reviewed efforts to increase domestic production of petroleum and gas resources.
The meeting also addressed the latest developments pertinent to cooperation between the government, global companies, and local investors in the petroleum and gas sectors. It also reviewed outcomes of efforts to attract private sector investments to expand in this domain.
Additionally, the discussions covered steps taken to expand regional cooperation in the fields of petroleum and gas in the coming phase and open new prospects for collaboration and investment in this area.
President El-Sisi underlined the need to regularly pay financial dues to companies contracting with the state in the oil and gas sector. The President also stressed the need to intensify government efforts to meet citizens’ needs in various sectors, as well as advancing efforts aimed at boosting economic growth and national income so as to contribute to building a strong and investment-attractive economy.
