Egypt secures petroleum product supply amid economic challenges, says central bank governor

The Governor of the Central Bank of Egypt, Hassan Abdallah, said that the necessary foreign currency has been provided to secure the supply of petroleum products over the next period despite economic challenges, according to Al Masry Al Youm. 

The government is committed to settling the dues of foreign oil and gas partners, Abdallah added, following a meeting chaired by Prime Minister Mostafa Madbouly to monitor the availability of strategic petroleum product reserves. Finance Minister Ahmed Kouchouk and Minister of Petroleum Tarek El-Molla attended the meeting. 

Madbouly said the government's focus is on maintaining safe levels of strategic reserves. The ministers stressed the need to ensure market stability and the continuous availability of these essential products for both production and service sectors, as well as for public consumption.

El-Molla presented a detailed report on the available quantities of various petroleum products, outlining future plans to maintain supply. He also updated on the status of settling dues to foreign partners in the sector. Kouchouk pointed out that the government is providing necessary financial support to the petroleum sector to sustain current supply levels to ensure energy security for the country.

Asharq Business reported on November 13 that Egypt’s Ministry of Petroleum plans to repay about $750mn of arrears owed to foreign oil companies operating in the country by the end of Q1 2026. The fresh payments will be made in two instalments, one of $400mn-500mn before the end of 2025, and the second of $250mn-$350mn in early 2026. The move comes as part of the government's efforts to reduce outstanding debts in the energy sector.