PHOTO
This picture taken on June 25, 2024 shows some darkened streets while others remain lit in a neighbourhood of the Mokattam district of Cairo. - Egypt began implementing planned power cuts in July 2023 in an attempt to ease the load on local electricity networks as energy consumption surged during the hot summer months. The country's economy has struggled in recent years with runaway inflation and repeated depreciations of the local currency, affecting purchasing power and the ability to import key goods. (Photo by Khaled DESOUKI / AFP) Image used for illustrative purpose.
Arab Finance: Prime Minister Mostafa Madbouly met with Minister of Petroleum and Mineral Resources Karim Badawy to discuss enhancing Egypt’s energy sector through international collaboration and investment, as per a statement.
A key focus of the meeting was on securing the electricity sector’s needs for petroleum products, particularly during the high-demand summer period.
Efforts to increase production with various international companies were highlighted, as well as updates on settling dues with foreign partners, which is expected to boost research and exploration activities.
Badawy emphasized the ministry's commitment to supporting exploration and production initiatives and attracting foreign investments.
He outlined plans to employ modern technologies to boost production, which will help reduce import costs and secure a stable supply of oil and gas for the domestic market.
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