Egypt keen on providing necessary financings to import petroleum products

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Egyptian Prime Minister Mostafa Madbouly has followed up on the procedures being taken to provide the required financing for importing petroleum products, according to an official statement on November 29th.

Madbouly stressed the importance of the ongoing coordination between Ministry of Petroleum and Ministry of Finance to work on the provision of the necessary financing for importing petroleum products to meet the local market’s demand amid the global crisis resulting from the Russian-Ukrainian war.

For his part, El-Molla said that his ministry’s efforts are part of an integrated system that targets increasing the local output of high-quality petroleum products.

These efforts will help reduce the import bill, accelerate the development process of new oil discoveries, boost the production capacity of Egyptian refineries, and expand digital transformation, in addition to controlling the crude and petroleum products trading system, El-Molla added.