Egypt plans major energy expansion to curb fuel imports, minister says

Egypt’s Minister of Petroleum Karim Badawy announced on Tuesday new measures aimed at ramping up the country’s oil and gas exploration and production efforts as part of broader efforts to meet domestic energy demand and reduce reliance on imports.

During a meeting with the state-run Egyptian General Petroleum Corporation (EGPC) board, Minister Badawy outlined steps to incentivise investment partners to accelerate exploration and development activities in the energy sector. This is part of the government’s strategy to ensure the local production of oil and gas can meet growing domestic demand and cut the need for costly fuel imports.

“Through intensified exploration and targeted partnerships, we aim to boost local output, which will contribute to fulfilling our energy needs and creating economic value for both Egypt and foreign investors,” Minister Badawy said.

The meeting, attended by senior ministers, including Deputy Prime Minister for Industrial Development Kamel El-Wazir  and Minister of Investment Hassan El-Khatib, focused on policies to support and expand investment in Egypt’s energy sector, particularly in exploration, safety measures, and environmental protection.

Minister Badawy stressed the importance of ongoing collaboration across ministries and government bodies to overcome the challenges facing Egypt’s energy sector. With the country’s increasing need for petroleum products and natural gas, the government is also working to secure the necessary financing to cover its fuel import bill.

Egypt has long sought to strengthen its energy infrastructure and reduce its dependency on imports through domestic production, positioning its oil and gas reserves as key to the country’s long-term economic strategy.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser