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Dr. Sherif Farouk, Egypt’s Minister of Supply and Internal Trade, held a meeting with the heads of oil companies affiliated with the Holding Company for Food Industries, including Abu El Hol and Tanta, to review financial and production performance and discuss plans to increase production and market supply ahead of Ramadan.
The meeting was attended by Major General Walid Abu El-Magd, deputy minister; Dr. Alaa Nagy, CEO of the Holding Company for Food Industries; Hossam El-Garahi, vice chairman of the General Authority for Supply Commodities; and Ahmed Kamal, assistant minister for projects and official ministry spokesperson.
During the meeting, the minister reviewed the current situation of the oil companies and checked on operational and production processes, with a focus on strengthening strategic stocks of crude and refined oils to ensure citizens’ needs are met, especially during Ramadan.
He also stressed the importance of strengthening cooperation between the public and private sectors to ensure the sustainability of strategic stocks for longer periods.
The minister directed the companies to prepare a detailed implementation plan with specific tasks and timelines, while identifying the challenges facing the companies and proposing innovative solutions to enhance productivity and improve operational efficiency.
He also called for opening new outlets and markets to sell company products, particularly through consumer complexes and one-day markets, which would improve product marketing opportunities at high quality and suitable prices.
The meeting also reviewed the financial position of the oil companies, including plans to improve profitability and leverage their historic brands to strengthen competitiveness in the local market.
Market-control mechanisms were also discussed to ensure oil price stability and prevent unjustified increases, while emphasizing fair pricing that balances the interests of producers and consumers.
The minister underlined the importance of strengthening local manufacturing and reducing reliance on imports, given its positive impact on food security and market stability.
At the end of the meeting, he praised the role of public and private sector companies in supporting the state’s efforts to achieve food security and increase production ahead of Ramadan, calling for stronger teamwork to meet citizens’ needs and stabilize markets.