President El-Sisi Meets Prime Minister, Minister of Petroleum

Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Moustafa Madbouly and Minister of Petroleum and Mineral Resources Engineer Karim Badawi.

The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said the meeting reviewed efforts made by Egyptian companies to increase production through hydraulic fracturing and horizontal drilling. The Minister of Petroleum and Mineral Resources, Karim Badawi, said the petroleum sector is accelerating the implementation of these technologies, which will enable access to oil and gas resources that are difficult to exploit using traditional methods and will support a significant increase in crude oil and gas production. President El-Sisi emphasized the necessity of making available and localizing modern technologies that contribute to increased productivity, similar to successful global and regional experiences. The President also stressed the importance of establishing appropriate mechanisms to ensure optimal economic implementation, in cooperation with major drilling and technology service companies and production partners. The meeting also addressed the work program for an aerial survey of mineral resources, aimed at increasing investments in the mining sector.

Recent movements in petroleum product and gas prices, as a result of the escalation of events in the region, were also reviewed. The President followed up on measures taken to ensure the availability of various petroleum products for the production sectors, power plants, and other uses.

The Minister of Petroleum and Mineral Resources confirmed during the meeting that the petroleum sector is committed to continuing to reduce the overdue dues to foreign partners until they are fully settled, in parallel with ensuring the regular payment of the monthly bill and preventing any future delays. He pointed out that the ministry is adopting an approach based on continuous consultation with investors to understand their needs and suggestions, and to find the best systems that achieve the maximum mutual benefit for all parties.

President El-Sisi emphasized the importance of maintaining the regular payment of dues to international oil companies to encourage increased exploration and production. The President also stressed the need to establish a mechanism to develop research, exploration, and development activities to meet local needs and reduce imports.

Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.