Arab Finance: Prime Minister Mostafa Madbouly reviewed the government’s preparations to secure fuel supplies for power plants and the industrial sector during Eid El-Adha holiday and the summer season, according to a statement.

Due to rising temperatures and increasing electricity consumption rates, Madbouly met with both Minister of Finance Ahmed Kouchouk and Minister of Petroleum and Mineral Resources Karim Badawi to discuss these matters, prompting intensified efforts to ensure the availability of petroleum products and maintain stable energy supplies.

Madbouly followed up on the ministries’ coordination efforts aimed at securing the country’s petroleum needs, including fuel required for development projects, while ensuring the necessary financial allocations to sustain efficient operations across the oil and gas sector.

The prime minister also reviewed measures implemented to boost local production and attract greater private-sector investments into the oil and gas sector.

He stressed the importance of accelerating the development of newly discovered wells and integrating them into the production network, in addition to expanding exploration and drilling activities.

Madbouly stressed the need to expedite the settlement of outstanding dues to international oil companies (IOCs) as per the set timelines to promote investment flows and scale production activities.

For his part, Kouchouk said that the ministry is committed to providing the necessary financial resources in order to meet the needs of citizens as well as various sectors, particularly the oil and gas sector.

Kouchouk affirmed that the ministry is working to maintain fiscal discipline while ensuring the availability of required funding for development projects and key sectors in coordination with the banking system.

Meanwhile, Karim Badawi said the ministry is implementing proactive plans to address different consumption scenarios during the summer months through coordination with the Ministry of Electricity and Renewable Energy.