CAIRO
President Abdel Fattah El Sisi stressed the utmost importance of maintaining secure strategic reserves of petroleum products for various uses in order to ensure supply of required quantities of gas to the electricity sector for both citizens’ consumption and the needs of productive sectors.
President Sisi also underlined the necessity of securing the funding and financial allocations needed to complete energy sector projects, considering energy security a fundamental pillar of national security. He made the remarks during a meeting with Prime Minister Mostafa Madbouli, Minister of Electricity and Renewable Energy Mahmoud Esmat and Minister of Petroleum and Mineral Resources Karim Badawi.
Presidential Spokesman Mohamed el-Shennawy said, the meeting reviewed the latest developments regarding surplus savings in renewable and petroleum energy products, as well as action plans, scenarios and alternatives in the electricity and petroleum sectors to secure equivalent fuel supplies and ensure continued of electricity generation.
The talks also reviewed ongoing coordination with all relevant state bodies to secure power supply and guarantee the sustainability and stability of the electricity current.It was noted that new renewable energy capacities totaling 2,500 megawatts will be added to the national grid before next summer.
The spokesman added that the President also followed up on efforts to enhance preparedness to secure gas supplies for the electricity sector to address any emerging developments, especially in light of the ongoing war in the region and its negative economic repercussions, including impacts on prices, especially petroleum product prices.
In this context, President Sisi reviewed the government’s action plan to ensure providing electricity sector’s needs of petroleum products and regular pumping of gas supplies to the national power grid, in a way that guarantees sustainable and stable electricity supply nationwide and reduces losses.
The meeting also addressed developments in Egypt’s production rates of gas, oil and condensates, the status of dues owed to foreign companies and repayment efforts, the map of recent exploration achievements, exploratory drilling activities, ways to attract related investments, and refining activities.
The minister of petroleum referred to a plan to develop and maximize the benefit from existing oil refineries to boost production and added value while reducing the fuel import bill. He affirmed that maintaining safety at projects, ensuring asset integrity, safe operations and compliance with environmental standards are non-negotiable principles of the petroleum sector. — DNA
