11 hours ago
Egypt: Madbouly says 2 Western Desert oil fields to start production in July
Arab Finance: Prime Minister Mostafa Madbouly announced that two new oil fields in Egypt's Western Desert will begin production next month, contributing to increased domestic output, as per a statement.
During the weekly press conference, Madbouly said Egypt has managed to secure alternatives to gas imports by utilizing three LNG regasification vessels located domestically. One is already operational, while the other two are expected to enter service by the end of this month.
These additions will fully meet the needs of the electricity and industrial sectors, he said.
He also acknowledged that some factories had been temporarily shut down as a precaution. The Prime Minister added that if further early solutions become available, the resumption of gas supplies to the affected factories may occur earlier than planned.
Turning to economic matters, Madbouly emphasized that the Egyptian economy remains stable, with all factories operating at full capacity and production inputs available.
Madbouly confirmed the formation of a crisis committee to monitor the repercussions of the Iranian-Israeli conflict on Egypt, warning against any attempts to fabricate domestic crises and emphasizing the state's readiness to confront any developments with firmness.
Madbouly said the committee was instructed to develop detailed scenarios, including worst-case responses, to secure Egypt's basic needs.
He emphasized the state's strategic reserves of basic food commodities now exceed six monthsو the longest coverage period ever achieved.
He also announced that the supreme committee for market regulation and price monitoring will convene tomorrow, stressing there is no justification for any price hikes or instability in local markets.
The Prime Minister affirmed that there are no internal crises in any state sector, nor any delays or rejections of requests for dollar credits needed for production inputs.
Moreover, he reiterated Egypt's longstanding stance that stability in the region hinges on a just solution to the Palestinian cause.
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