Egypt: President El-Sisi Meets the Prime Minister and the Minister of Petroleum and Mineral Resources
Today, President Abdel Fattah El-Sisi met with Prime Minister Dr Mostafa Madbouly, as well as Minister of Petroleum and Mineral Resources Eng. Karim Badawi.
Mohamed El Shennawy, spokesman for the presidency, said the conference focused on exploration activities and new discoveries, especially in the Fayoum 5 oil and gas sector located in the “King of Maryot” area, with the aim of strengthening Egypt’s oil and gas reserves. The Minister of Petroleum and Mineral Resources reviewed several newly signed agreements that helped increase exploration and drilling. President El-Sisi stressed the need to do its best to promote exploration activities, especially in the country to provide all the necessary incentives for rapid orbit field development, strengthen production and exploration actions, and to attract more foreign investment in the oil sector to meet the growing domestic demand for oil products and gas.
As part of summer preparations, the oil minister outlines strategic inventory of petroleum products to ensure that citizens’ needs are met. He pointed out that the increase in local production in the future will help increase reserves and strategic inventory.
The meeting also discussed cooperation with Cyprus in the gas industry and ways to leverage natural gas reserves found within Cyprus’ exclusive economic zones, especially in the areas of “Cronos” and “Aphrodite”. This cooperation will allow natural gas found in Cyprus waters to be transported to Egypt, thereby leveraging the country’s ability to utilize natural gas at home or in Egypt’s LNG facilities for export to global markets. In addition, the meeting covered the development of energy cooperation between Egypt and Saudi Arabia, following up with the Memorandum of Understanding signed between the two countries during the Egypt 2025 meeting held in Cairo in February 2025.
President El-Sisi stressed the need to continue to work on oil and gas companies operating in Egypt and to assume financial obligations. This will help enhance local oil and gas production, provide incentives to accelerate and expand on-site development and production efforts, and promote further exploration plans.
Issued by Apo Group on behalf of the President of Egypt of the Arab Republic.
