Al-Masry: Agreement on Mechanism to Settle Aviation's Petroleum Dues, Linked to Global Fuel Prices

By Akram Medhat

Minister of Civil Aviation Lt. Gen. Younis Al-Masry and Minister of Petroleum and Mineral Resources Eng. Tarek El Molla held a meeting today, attended by leaders of the two ministries and their affiliated authorities and companies, to discuss a number of joint issues, most notably how to regularly settle the arrears owed by the Ministry of Civil Aviation to the Ministry of Petroleum, and to set a mechanism for scheduling these dues according to the formula set by both sides, with developments to be reviewed every 6 months in line with changes in global fuel prices.

They agreed to define the general framework for drafting a new memorandum of understanding between the two ministries, as well as to work on consolidating the principles of joint work in the future.

For his part, the Minister of Civil Aviation praised the Ministry of Petroleum's support for the civil aviation sector in particular, through the services and facilities it provides to EgyptAir, pointing to the importance of opening new horizons of cooperation between the two ministries in related fields in the coming period, and stressing the effective coordination between the bodies affiliated with the two ministries over the past period.

In a related context, the Minister of Petroleum praised the joint effort between the two ministries in light of the challenges both sectors have faced in recent years, stressing the importance of setting new frameworks to continue work and coordination between the two ministries and of exerting more effort to ensure the best services are provided to citizens.