Egypt’s energy sector offers promising future for investors – PM

Egypt is committed to fostering a more attractive investment environment in the oil and energy sectors, Prime Minister Moustafa Madbouly reaffirmed in a Cabinet statement on Tuesday.

He stressed that Egypt’s strategic approach offers significant opportunities for energy companies, with the government prioritizing the sector and focusing on the integration of new digital technologies, including artificial intelligence.

The remarks were made during his leadership of a roundtable discussion titled Transforming Egypt’s Energy Future,  which brought together executives from regional and global energy companies operating in Egypt.

Prime Minister Madbouly outlined Egypt’s comprehensive energy strategy, which includes boosting oil production, ramping up exploration efforts, and optimising infrastructure in refining and petrochemicals to meet domestic demand. He also highlighted ongoing efforts to enhance the mining sector’s contribution to the nation’s GDP.

Regarding renewable energy and the green economy, the prime minister emphasised the government’s focus on increasing private sector investment in clean energy projects, with the aim of fostering sustainable growth and improving investment conditions.

Representatives from energy companies raised concerns about the need for carbon storage facilities to support global emission reduction targets. They also pointed out Egypt’s potential to become a key hub for renewable energy and hydrogen production, with the capacity to export clean energy and hydrogen, thereby attracting foreign currency and contributing to global decarbonisation efforts.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser