President Abdel Fattah Al-Sisi directed the Minister of the Petroleum and Mineral Resources toward the continuous expansion of research, exploration and production (E&P) plans during his meeting with the Cabinet, according to the spokesman of the Egyptian presidency, Bassam Radi.
The meeting aimed at discussing the strategic axis of the petroleum ministry, following up on the electricity projects, developing the electricity system in Egypt and modernizing its infrastructure.
The meeting was attended by the Prime Minister, Mostafa Madbouly, Minister of Electricity and Renewable Energy, Mohamed Shaker, Minister of Petroleum and Mineral Resources, Tarek El Molla, Minister of Finance, Mohamed Moait, in addition to both the Deputy Minister of Finance for Financial Policies and the Deputy Minister of Finance for Public Treasury.
The Minister of Petroleum reviewed the ministry’s strategy to meet the domestic market needs for petroleum products and reduce the gap between production and consumption, by setting a plan that includes current and long-term measures aimed at developing the system of trading petroleum products, as well as expanding essential infrastructure projects to keep up with the growth of demand for petroleum products in the local market.
Al-Sisi also headed the completion of the implementation of new electric power projects, which raise the efficiency of existing projects and the commitment of timetable in this regard to ensure the accommodation of increased consumption and improving the service provided to citizens in all parts of the country.
The president also confirmed the importance of focusing on oil and gas infrastructure projects to achieve the optimal economic benefit from natural resources, including in the endeavors to transform Egypt into a regional hub for oil and gas trading.