Egypt's PM Discusses Foreign Partner Payments, Exploration Incentives With Petroleum Minister

(MENAFN- Daily News Egypt) Egypt's Prime Minister Mostafa Madbouly met with Minister of Petroleum and Mineral Resources Karim Badawi on Monday to discuss a number of priority issues, including the payment of foreign partner dues and the results of the incentive package for exploration and research.

The meeting was part of the government's ongoing efforts to coordinate and oversee key sectors.

Badawi confirmed that the government is committed to ensuring regular payments to foreign partners and that the monthly invoices will be paid in full by October.

“A program is in place to ensure regular payments to partners,” Badawi said.

He added that the incentive package for research and exploration announced by the ministry has been well-received by both domestic and international partners.

“Eni has increased the number of rigs in the Agiba field to accelerate production rates to target levels,” Badawi said.

The minister announced a meeting today with Egyptian business leaders and investors to encourage their participation in the petroleum sector, specifically in production and exploration. Success stories of Egyptian investors in this field will be showcased, he said.

“The ministry has introduced a package of incentives aimed at encouraging increased production of crude oil and natural gas, a key objective for the sector and its partners in research, exploration, and production,” Badawi said.“Investment is a cornerstone of supporting and increasing petroleum production rates.”

Badawi also reviewed the outcomes of his recent visit to Moscow, where he participated in the ministerial meeting of the BRICS member states held on the sidelines of the Russian Energy Week from September 26 to 28. The meeting focused on discussions about the development of energy sectors in BRICS countries and priority areas for medium-term cooperation.

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