Egypt's PM Monitors Efforts To Secure Petroleum Supplies For Power Plants
Date
10/1/2024 4:53:01 AM
(MENAFN- Daily News Egypt) Egypt's Prime Minister Mostafa Madbouly held a meeting on Monday to discuss efforts to ensure a consistent supply of petroleum products for power plants.
Attending the meeting were Minister of Electricity and renewable energy Mahmoud Essmat, Minister of Finance Ahmed Kouchouk, and Minister of Petroleum and Mineral Resources Karim Badawi.
Madbouly emphasised the importance of these regular meetings in guaranteeing a steady flow of electricity to meet both essential needs and production demands.“These meetings are vital to ensure that we have the necessary petroleum products for our power plants,” he said.
The prime minister highlighted the government's ongoing work to increase domestic petroleum production.“We are working with various agencies to increase production,” he said,“which will help to reduce our reliance on imports and lessen the burden on the state budget.”
Madbouly also assured the meeting that the government would secure the necessary financing to meet the demand for petroleum products, ensuring that all sectors have access to electricity despite the numerous geopolitical challenges currently facing the world.
Minister of Electricity and Renewable Energy Mahmoud Essmat outlined efforts to address commercial losses stemming from electricity theft.“We have recovered EGP 1.2bn worth of receivables over the past month and a half by cracking down on electricity theft,” he said.“We have issued reports for violators and applied fines. This will continue until we have eradicated this problem.”
Essmat also highlighted the continued expansion of smart metre installations across the country, which will help to further reduce commercial losses.
Essmat then discussed the progress of the power interconnection project between Egypt and Saudi Arabia.“We are working closely with the Saudi team, and I can assure you that the project is moving forward as planned,” he said.
The minister also reviewed the outcomes of his recent visit to Moscow, where he participated in a meeting of BRICS energy ministers.“I met with Russian officials to discuss ways to enhance cooperation in the energy sector,” he said.“We also followed up on the progress of the Dabaa nuclear power plant project, which is part of Egypt's peaceful nuclear program.”
Badawi highlighted the government's efforts to increase petroleum production and outlined productive meetings with executives from major international companies in exploration and research.“We are making significant strides in settling foreign partner dues,” he said.“This will encourage further investment in the petroleum sector.”
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