Prime Minister: Egypt’s Petroleum Import Bill Drops by USD 1.5 Billion

Prime Minister Dr. Moustafa Madbouly announced that Egypt is set to reduce its petroleum import bill by USD 1.5 billion, driven by increased productivity from local gas fields as part of a broader strategy to strengthen the economy and decrease reliance on imported energy resources.

In addition, the Prime Minister highlighted that Egypt’s non-petroleum exports had surpassed USD 40 billion. The announcement also revealed plans for an upcoming Initial Public Offering (IPO), which will include the launch of four state-owned companies under an initiative to encourage private sector involvement in the economy.