Madbouly Outlines Government’s Strategic Petroleum Measures

During the weekly press conference that followed the government meeting at its headquarters in New Alamein, Prime Minister Mostafa Madbouly addressed several inquiries from journalists and media professionals, responding to issues of public concern. Madbouly explained that the government has finalized hedging contracts for a substantial volume of imported petroleum products to protect against potential price increases. This move is part of the state's broader measures to secure a portion of its energy needs. In response to a question about energy resources and new discoveries, Madbouly stated that what matters to the government is increasing oil and gas productivity in the coming period. He added that the Minister of Petroleum and Mineral Resources has been instructed to expedite the launch of new sites with substantial petroleum production potential. The Prime Minister, therefore, requested that the Minister of Petroleum present to the Cabinet the feasibility of concluding direct agreements with a group o f international companies that have conducted studies identifying potential areas for new discoveries. Source: State Information Service Egypt