Cairo: Egypt's Minister of Petroleum and Mineral Resources Karim Badawi announced that the country has successfully saved approximately USD 3.6 billion from the fuel import bill during the fiscal year 2024-2025. The announcement was made during a regular meeting with senior officials from the ministry and chairpersons of oil companies to assess the progress made and determine the necessary subsidy aspects for the upcoming period, as per the ministry's statement.
According to Kuwait News Agency, Minister Badawi emphasized the measures implemented by Egypt to provide investment incentives to partners and ensure the timely payment of their dues. He highlighted the successful infrastructure development for importing liquefied natural gas, which includes ships with a capacity of 2.250 billion cubic meters per day. This infrastructure serves as a safety valve in emergencies to ensure gas supply, benefiting all citizens.
Regarding the petrochemicals sector, Badawi mentioned a substantial package of new production projects that promise high income. He also noted that the ministry is actively working on additional projects to further enhance the sector's capacity and output.