PM reviews needs of petroleum sector

Prime Minister Moustafa Madbouli has pressed for action to secure finances needed by the petroleum sector until the end of the current fiscal year. Madbouli, during the weekly Cabinet meeting Wednesday, also urged action to increase oil products to meet demands of the local market. The meeting took up measures to pay the monthly bills of partners to be able to increase exploration and production of oil, said Cabinet spokesman Mohamed el-Homosani. Homosani added that the government also reviewed incentives to boost production, while allowing exports of pre-set shares of new gas production. The return of the exports would be used to pay dues of the petroleum sector, he noted. The ministers also talked about increasing the share of foreign partners in the new gas production, the spokesman said. Source: State Information Service Egypt