PM stresses importance of keeping strategic reserves of petroleum products amid regional escalation

2026-03-02 - 10:43

Prime Minister Mostafa Madbouly underlined the utmost importance of keeping safe strategic reserves of petroleum products for various uses, and securing the necessary funding to complete projects in the energy sector, describing energy security as a key pillar of national security. Madbouly made the remarks during a meeting he held on Sunday, March 1, 2026, to review the preparedness of the energy sector in light of the ongoing military escalation in the region. The meeting was attended by Minister of Electricity and Renewable Energy Mahmoud Esmat, Finance Minister Ahmed Kouchouk and Minister of Petroleum and Mineral Resources Karim Badawi. The premier said the meeting is aimed to assess the readiness of the energy sector amid the rapidly-unfolding regional developments since Saturday, and to ensure the effectiveness of the pre-emptive measures implemented by the Ministry of Petroleum and Mineral Resources to secure energy supplies for the domestic market, including natural gas and petroleum products, so as to meet all needs without disruption. During the meeting, Badawi outlined the key precautionary steps taken by his ministry in coordination with relevant state bodies to ensure that various needs are met and to enhance readiness to deal with any new developments. The petroleum minister noted the diversification of gas supply sources alongside domestic production and the availability of alternative capacities, including contracting liquefied natural gas (LNG) cargoes from multiple sources, concluding long-term agreements and supply contracts with international companies, and establishing integrated infrastructure to receive LNG imports, including the deployment and operation of regasification vessels. These efforts, he added, are being pursued in parallel with continued support for boosting domestic output through the regular settlement of partners’ dues, thereby encouraging exploration and production activities. Badawi also affirmed full readiness to secure gas supplies required for the electricity sector in the necessary quantities, whether for household consumption or productive sectors. He added the Petroleum Ministry is working to increase the availability of petroleum products and to consistently maintain safe strategic reserves of gasoline, diesel, butane and other products.