الرئيسية / news / PM pledges to pay foreign oil company dues

PM pledges to pay foreign oil company dues

فريق رجال الأعمال news 13 July 2025 02:30 PM
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PM pledges to pay foreign oil company dues

Prime Minister Dr. Moustafa Madbouly today, Sunday, reviewed the status of payments to foreign partners in the petroleum and mineral resources sector, emphasizing the government's consistent efforts to settle these dues. This commitment aims to encourage increased investments from these companies in drilling, exploration, and boosting production.

The review took place during a meeting Madbouly held with Engineer Mahmoud Esmat, Minister of Electricity and Renewable Energy, and Engineer Karim Badawi, Minister of Petroleum and Mineral Resources. The meeting covered several key areas, including securing the necessary fuel for power plants, the executive status of new and renewable energy projects integrated into the national grid, and the ongoing payment of foreign partners' entitlements.

The Prime Minister stressed the importance of efforts by relevant ministries to secure and increase petroleum supplies, ensuring the continuous operation of power plants and uninterrupted service, especially during the summer. He also highlighted the focus on increasing the share of new and renewable energy in the energy mix to enhance energy efficiency and the economic operation of power stations.

The Minister of Electricity and Renewable Energy affirmed that the electricity and renewable energy sector boasts a strong infrastructure. He detailed extensive efforts to enhance energy consumption efficiency, implement quality and efficiency standards in fossil fuel usage, and apply maintenance programs for power stations.

Engineer Mahmoud Esmat also noted the expansion of new and renewable energy production and its integration into the plan to support, develop, and modernize the national electricity grid. He explained that improving energy efficiency and rationalizing electricity consumption are key priorities being addressed in cooperation and coordination with relevant ministries and entities, as well as through increased partnerships with local and international private sectors.

He further discussed the sector's recent efforts to change operational patterns, reduce traditional fuel consumption, improve performance rates and energy efficiency, and increase reliance on renewable energy. This includes adding 2000 megawatts of renewable energy to the unified national grid before the current summer. He also spoke about continuous monitoring of electricity station maintenance work, ensuring the quality and stability of electricity supply, along with adherence to required maintenance schedules.

Esmat also highlighted enhanced measures to counter technical losses, reduce fuel consumption, and implement maintenance programs according to global standards and codes, with specific timelines for the national electricity grid operator. These efforts aim to achieve overall operational efficiency and ensure the provision of decent electricity services for all uses.

For his part, the Minister of Petroleum and Mineral Resources reviewed the status of petroleum material supplies and efforts to secure and increase them, ensuring the sustainable operation of power plants. He emphasized the continuous field monitoring of regasification vessels, which receive liquefied natural gas (LNG) shipments for conversion and injection into the national natural gas grid, contributing to meeting the diverse consumption needs of the local market.

He confirmed ongoing coordination with the Ministry of Electricity and Renewable Energy as part of an integrated work plan and partnership to provide fuel for securing electricity supply and stabilizing the unified grid. He explained that joint working committees constantly explore ways to provide the necessary fuel for the continuous operation of electricity generation stations.

Badawi also outlined the measures taken by the petroleum sector to provide the electricity sector's needs of gas and mazut, as predetermined by the Ministry of Electricity. He affirmed continuous coordination throughout the day and the development of proactive scenarios to manage and provide necessary fuel in anticipation of rising temperatures during the summer months.