Egyptian President Abdel Fattah Al-Sisi has directed the government to ensure the regular payment of financial dues to companies contracting with the state in the oil and gas sector. The directive aims to support efficient operations and strengthen the sector’s role in meeting national needs. The President emphasized that this measure is part of broader government efforts to address citizens’ needs across various sectors and maintain sustainable growth.
During a Saturday meeting with Prime Minister Mostafa Madbouly, Central Bank Governor Hassan Abdullah, Minister of Finance Ahmed Kouchouk, and Minister of Petroleum and Mineral Resources Karim Badawi, President Al-Sisi highlighted the importance of enhancing efforts to boost economic growth rates and increase national income. This, he said, is essential for building a resilient economy capable of attracting investments.
Mohamed El-Shenawy, the official spokesperson for the Presidency, stated that the meeting focused on the government’s initiatives to ensure the supply of necessary petroleum products, particularly for development projects. It also addressed the provision of credits essential for the continued efficient operation of the sector.
The President reviewed efforts to increase local oil and gas production, emphasizing the need to develop newly discovered wells and integrate them into the production system. He called for intensified research and exploration activities in Egypt’s land and marine areas to maximize resources.
The meeting also discussed the ongoing collaboration between the government, international companies, and local investors in the oil and gas sectors, with a focus on expanding private sector investments. Furthermore, President Al-Sisi reviewed the country’s regional cooperation efforts, opening new opportunities for investment and collaboration in the oil and gas industry.
Al-Sisi orders timely payment of dues to oil, gas contractors to boost economic growth
