El-Sisi stresses timely payments of dues to oil, gas companies

CAIRO - 5 January 2025: President Abdel Fattah El-Sisi has emphasized the critical need for the timely payment of financial obligations to companies working with the state in the petroleum and gas sectors.

This directive came during a meeting attended by Prime Minister Mostafa Madbouly, Central Bank Governor Hassan Abdullah, Minister of Finance Ahmed Kouchouk, and Minister of Petroleum and Mineral Resources Karim Badawi.

Presidential spokesperson Mohamed El-Shinawy highlighted that the discussions focused on ensuring the nation’s petroleum product needs are met, including those necessary for developmental projects. The meeting also reviewed funding strategies to sustain the sector’s efficiency and growth.

President El-Sisi called for intensified efforts to address citizens' needs across all sectors and to support initiatives that stimulate economic growth and national income. These efforts aim to establish a robust, investment-friendly economy.

The discussions also included strategies to boost local production of petroleum and gas resources. The President stressed the importance of developing newly discovered wells and incorporating them into the production framework, alongside ramping up exploration activities both onshore and offshore in Egypt.

El-Shinawy further noted that the meeting addressed collaborations between the government, international companies, and local investors. Efforts to attract private sector investments and expand their role in the sector were also discussed. Additionally, the participants reviewed plans to strengthen regional cooperation in petroleum and gas, opening up new opportunities for partnerships and investments in the near future.