Arab Finance: Prime Minister Mostafa Madbouly chaired a meeting with several ministers to follow up on efforts to increase Egypt’s strategic reserves of petroleum products, according to a statement.

Madbouly said that the government is implementing planned measures to maintain a secure strategic reserve of petroleum products. He affirmed that it is a key pillar for strengthening the national economy and ensuring the stability of local markets amid regional geopolitical tensions.

The government is closely monitoring regional and global developments and their potential impact on energy markets while adopting flexible contingency plans and alternative scenarios to address any disruptions, the prime minister added.

Minister of Petroleum and Mineral Resources Karim Badawi reviewed the current status of petroleum product supplies, as well as the ministry's strategy to expand storage capacity, reinforce logistics infrastructure, and secure future supply contracts to enhance energy security.

Badawi outlined the measures taken to meet higher energy demand during the summer season, including the continued arrival of liquefied natural gas (LNG) cargoes and petroleum fuel shipments needed to ensure the uninterrupted operation of electricity generation plants and the national power grid.

For his part, Minister of Finance Ahmed Kouchouk highlighted the ongoing coordination between the two ministries and the Central Bank of Egypt (CBE) to secure the financing and credit facilities required to build and maintain the country's strategic petroleum reserves.

At the conclusion of the meeting, Madbouly directed all relevant authorities to sustain close coordination in monitoring developments in global energy markets and to continue providing the logistical and financial support needed to safeguard domestic energy supplies.