Egypt’s energy needs secured for 5 years, foreign partners’ dues halved: PM

Egypt has secured its natural gas and energy requirements for the next five years and cut outstanding payments to foreign oil and gas partners by half, Prime Minister Moustafa Madbouly said on Tuesday.

Speaking at a meeting with editors-in-chief of local newspapers and news portals, Madbouly said the country was on track to boost natural gas output through higher production from local fields and the use of regasification vessels.

About 60 per cent of Egypt’s electricity is generated from natural gas, but the government is accelerating plans to diversify, with renewables already supplying around 22 per cent of power, he said. Cairo aims to lift that share to 42 per cent before 2030 under President Abdel Fattah El-Sisi’s directives, the prime minister added.

Madbouly added that reducing dependence on gas for power generation would free up supplies for industry and exports, while attracting more foreign investment in new and expanded factories.

On the petroleum sector, he said the government aimed to further reduce arrears owed to international partners by the end of the year. Lower debt levels have already helped draw fresh exploration and drilling commitments, with new discoveries expected to ease Egypt’s import bill.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser