Prime Minister Mostafa Madbouly announced that the government will intensify efforts to secure and maintain reliable strategic reserves of petroleum products. These measures are being taken amid existing regional uncertainty and to protect market stability against ongoing geopolitical tensions.
Monitoring and Action Plans
Madbouly emphasized that the authorities are closely monitoring developments in the region and their potential impact on an ongoing basis. He noted that relevant bodies are working within flexible contingency plans and alternative scenarios designed to respond to any possible changes.
Ensuring Energy Supply
These measures aim to guarantee uninterrupted energy supplies and meet the needs of both citizens and all industrial sectors of the country.
Meeting Composition and Reports
The meeting was attended by Hassan Abdalla, Governor of the Central Bank of Egypt; Ahmed Kushouk, Minister of Finance; Karim Badawy, Minister of Oil and Mineral Resources; Tarek El-Huli, Deputy Governor of the Central Bank, and other high-ranking officials. During the meeting, Badawy presented a detailed overview of the existing reserves of various petroleum products.
He also outlined the steps currently being implemented to increase the country's strategic reserves in the coming period, which is a precautionary measure against geopolitical risks in the region. Furthermore, the interaction between the Ministry of Finance and the Central Bank of Egypt was discussed to ensure the sustainable provision of financial resources necessary for creating and maintaining strategic oil stocks, with the goal of preserving domestic market stability and supporting all service and production industries.