Egypt pushes for self-sufficiency in petroleum products

Egypt’s Prime Minister Moostafa Madbouly reviewed on Sunday efforts to achieve self-sufficiency in petroleum products by boosting investments in the refining sector and securing the necessary financing for these projects. He affirmed his full support for petrochemical refining initiatives, which aim to cover domestic needs for gasoline and diesel and reduce import costs.

During the meeting, Minister of Petroleum Karim Badawi said the ministry’s current strategy focuses on meeting citizens’ petroleum demands through enhanced production and exploration, maximising the value of resources via refining and petrochemical plants, developing the mining sector, and attracting regional investments. He highlighted the creation of an investment-friendly environment while maintaining safety, energy efficiency, and emissions reduction.

Badawi also pointed to coordinated efforts with the electricity and renewable energy sector to provide a balanced energy mix, supporting economic growth and leveraging Egypt’s position in hydrogen production and energy trade.

He reviewed plans for refining gasoline and diesel, presenting production figures from July 2021 to December 2025, the design capacities and locations of refineries in Cairo, Alexandria, Tanta, Suez, and Assiut, and the volumes needed to reach self-sufficiency. Ongoing projects and required financing were outlined, with full-capacity operations expected to cut import bills.

The minister added that upcoming meetings with investment banks will explore financing opportunities for diesel and gasoline self-sufficiency, while refining sector opportunities are regularly shared with Arab and international investors. He also highlighted investment returns on these projects and the collaborative efforts of state institutions to promote and market petroleum sector opportunities to investors and global banks.

Attribution: Amwal Al Ghad English