New Petroleum Minister Affirms Power Cuts Will End by Late July

The newly-appointed Minister of Petroleum and Mineral Resources Karim Badawi has announced that the ministry aims to keep to the promise made to the public by the previous minister, which is to halt power cuts by the third week of July 2024 and until the end of the summer.

In fulfilling this aim, the ministry continues to regularly receive recently contracted shipments of mazut fuel and imported natural gas. The ministry is further engaged in increasing the domestic production of petroleum through developing recently discovered oil wells, making them fit for production, and intensifying exploration missions on Egypt’s lands and offshore bases.

Prime Minister Mostafa Madbouly recently announced the introduction of a USD 1.18 billion financing package to purchase much needed petroleum products.