Prime Minister Mostafa Madbouly held a meeting with Karim Badawi, Minister of Petroleum and Mineral Resources; and Mahmoud Esmat, Minister of Electricity and Renewable Energy, to discuss several issues, including the efforts to secure the necessary fuel for operating power plants, the executive status of new and renewable energy projects connected to the national grid, and the status of payment arrears owed to foreign partners.
Badawi reviewed the status of petroleum product supplies and the efforts to secure and increase them to ensure the sustainable operation of power plants. He emphasized that the Ministry is continuously monitoring the regasification vessels receiving liquefied natural gas (LNG) shipments to convert and inject it into the national natural gas network, meeting the demand of various consumption sectors in the local market.
For his part, Esmat affirmed that the electricity and renewable energy sector possesses a robust infrastructure. He explained that major efforts are made to enhance energy consumption efficiency, apply quality standards in the use of fossil fuels, and implement maintenance programs for power plants.
Esmat further highlighted the expansion in the production and utilization of new and renewable energy as part of the plan to support, develop, and modernize the national electricity grid. He explained that improving energy efficiency and rationalizing electricity consumption is the core of collaboration with relevant ministries and entities, as well as the local and international private sector.
During the meeting, Badawi confirmed that the government is regularly paying its dues to foreign partners to increase their investments in drilling and exploration, as well as boost production. In July 2024, Madbouly revealed that that between 20% to 25% of the value of arrears due to foreign companies have already been paid.
The Prime Minister held another meeting with Badawi; Esmat; and Ahmed Kouchouk, Minister of Finance, to follow up on the procedures for securing the necessary financial allocations for petroleum products required to operate power plants, as well as efforts to settle government bodies’ debts to electricity companies. He began the meeting by emphasizing the importance the government attaches to securing the necessary funding to provide petroleum products needed. This ensures that electricity services are available to various sectors, despite the numerous global challenges and their repercussions on the region.
Madbouly also directed government bodies to pay their dues to electricity companies to enable them to properly continue providing their services.
