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Arab Finance: The Minister of Petroleum and Mineral Resources Karim Badawi will engage in several meetings this week with foreign partners to discuss strategies for increasing production, especially as of early 2025, Prime Minister Mostafa Madbouly announced in a press conference.
Madbouly reiterated the government's commitment to enhancing the oil and energy sector, highlighting that weekly discussions are held to address issues in this crucial area.
He emphasized the need for a clear short-term plan to restore and boost the country's oil and natural gas production levels in collaboration with international partners.
Madbouly also underscored the importance of attracting foreign investment to raise domestic production, despite the challenges posed by payment delays to foreign partners.
He affirmed the state's dedication to restoring and elevating production levels.
On electricity pricing, the Prime Minister outlined the government's strategy to balance prices over the next four years, with ongoing support for low-income households.
He noted that recent price adjustments aim to narrow the financial gap between the Ministry of Electricity and the Ministry of Petroleum, though the state will continue to shoulder a significant portion of the costs.
Additionally, Madbouly discussed efforts to combat electricity theft through the adoption of new technologies and urged citizens to help curb this behavior.
He also suggested that rationalizing electricity consumption by 10% could significantly ease the issue and cut the bill the state bears to provide the necessary petroleum products.
Moreover, Madbouly noted that the monthly bill due by the Ministry of Electricity to the Ministry of Petroleum amounts to up to EGP 16 billion, of which EGP up to EGP 5 billion are being paid off.
With the new electricity price brackets, the electricity ministry’s total dues owed to petroleum ministry will reach EGP 10 billion, with a gap of EGP 6 billion to be afforded by the government, he added.