Considering that energy security is one of the fundamental pillars of national security, Egyptian President Abdel Fattah El-Sissi stressed that it is of utmost importance to maintain safe strategic stocks of petroleum products for various uses, to ensure the necessary gas supplies for the electricity sector in the required quantities, whether for the use of the population or for the needs of the production sector, and to provide the necessary loans and financial credits to complete projects in the energy sector.
In a meeting today (Wednesday) with Prime Minister Mostafa Madbouly and the Minister of Electricity and Petroleum, Prime Minister Sisi instructed them to take all necessary measures to require full payment of dues of relevant foreign companies operating in Egypt and to strengthen the government’s efforts to expand opportunities to attract investment in the energy sector.
He also directed the establishment and development of integrated infrastructure to receive liquefied gas imports and the introduction and operation of gasification vessels, in parallel with continued support for increasing local production and strengthening exploration and production activities, while ensuring the achievement of the energy sector’s goals and optimally leveraging its role in development efforts.
Spokesman of the Egyptian Presidency said that the meeting witnessed the consideration of developments regarding surplus savings of renewable energy and petroleum products, action plans to provide equivalent fuels and ensure the stability and continuity of power generation, different scenarios and alternatives at the power and oil sector level, and continuous coordination with all relevant authorities in the country to ensure electricity supply and ensure the sustainability and stability of currents. It was noted that new capacity of renewable energy will be introduced amounting to 2,500 MW. On the network by next summer.
The meeting discussed matters related to strengthening the preparedness of the power sector to ensure the necessary gas supplies to cope with any developments, especially in view of the ongoing war in the region and the resulting negative economic impact and impact on prices, especially the prices of petroleum products.
The meeting reviewed the recently signed memorandum of understanding between the Egyptian and Libyan sides regarding cooperation in the fields of oil, natural gas and mining. This MoU aims to establish a new stage of Egyptian-Libyan cooperation in the petroleum field in the fields of research and exploration, crude oil refining and development of refineries to maximize added value, and to consider cooperation in the transportation of crude oil and natural gas between the two countries within the framework of energy trade and Egypt’s role as a regional energy trade center. In addition to strengthening cooperation in the mining sector in the field of research, we will strengthen cooperation in areas such as the exchange of technical expertise, improving production efficiency, developing the petrochemical industry, and training. and mineral exploration.
Egyptian President Abdel Fattah El-Sissi considered energy security as one of the fundamental pillars of national security, stressing that it is of utmost importance to maintain safe strategic stocks of petroleum products for various uses, to ensure the necessary gas supplies for the electricity sector in the required quantities, whether for national use or the needs of the production sector, and to provide the necessary funds and financial allocations to complete projects in the energy sector.
In a meeting today (Wednesday) with Prime Minister Mostafa Madbouly and the Minister of Electricity and Petroleum, President El-Sissi directed them to take all necessary measures to pursue full payment of dues to foreign companies operating in Egypt and to strengthen the government’s efforts to expand investment opportunities in the energy sector.
He also directed to ensure the achievement of energy sector goals and optimal utilization of its role in development efforts, as well as establishing and equipping integrated infrastructure to receive liquefied gas imports, introducing and operating regasification vessels, as well as providing continued support to increase local production and strengthen exploration and production activities.
The Spokesperson of the Egyptian Presidency said that the meeting included a review of the latest developments regarding the surplus of renewable energy and petroleum products, work plans and scenarios to provide equivalent fuels and ensure the stability and continuity of power generation, consideration of various alternatives at the power and oil sector level, and continued coordination with all relevant state institutions to ensure electricity supply and ensure the sustainability and stability of currents. It was noted that up to 2,500 megawatts of new capacity from renewable energy will be added to the grid by next summer.
The meeting discussed matters related to enhanced preparedness for the power sector to ensure the necessary gas supplies to cope with any developments, especially in view of the ongoing war in the region and the resulting negative economic impact and impact on prices, especially petroleum product prices.
The meeting reviewed the recently signed memorandum of understanding between the Egyptian and Libyan sides on cooperation in the fields of oil, natural gas and mining. It aims to establish a new stage of Egyptian-Libyan cooperation in the oil sector in the areas of research exploration, refining of crude oil to maximize added value, development of refineries, consideration of cooperation in the transportation of crude oil and natural gas between the two countries within the framework of Egypt’s role as a regional center of energy trade, exchange of technical expertise, improvement of production efficiency, development of the petrochemical industry, training, strengthening cooperation in the mining sector in the field of mineral research and exploration.
