Planning and Economic Development Minister Ahmed Rostom met with Petroleum and Mineral Resources Minister Karim Badawi to discuss the future strategy for Egypt’s petroleum and energy sector as the government begins implementing its FY2026/27 economic and social development plan and intensifies efforts to strengthen the country’s energy security. Rostom praised the government’s efforts to boost investment in the petroleum and energy sector, highlighting the settlement of arrears owed to foreign partners, which he said has helped attract new investments and contributed to shifting the sector’s growth rate from contraction to positive growth. He said the petroleum and energy sector underpins economic activity across the country and represents a key pillar of Egypt’s national security. As a result, the government has prioritised developing the sector’s infrastructure, expanding partnerships with the private sector, and settling outstanding dues to foreign partners to encourage further exploration and increase production. Rostom stressed that securing stable energy supplies remains a national priority, particularly in light of heightened geopolitical tensions at both the regional and international levels in recent years. Badawi said the Ministry of Petroleum and Mineral Resources is pursuing a strategy focused on sustainably increasing oil and natural gas production, attracting additional investment, reducing Egypt’s petroleum import bill, increasing value added, and ensuring the country’s domestic energy needs are met. He noted that the government’s commitment to making regular payments to investment partners has created a more attractive environment for international energy companies and private-sector investors to expand exploration and production activities. Badawi added that the ministry plans to implement refinery development projects worth approximately $4.5bn to increase domestic refining capacity, boost local production, and reduce dependence on imported petroleum products. He also said Egypt is working to capitalise on its strategic geographical location and advanced energy infrastructure by receiving natural gas from Cyprus and re-exporting it to international markets through Egypt, reinforcing the country’s position as a regional energy hub. The petroleum minister added that the government is updating the national energy strategy in cooperation with the Ministry of Electricity and Renewable Energy. The revised strategy aims to expand renewable energy generation, free up larger volumes of natural gas for higher value-added industries, expand refining and petrochemical industries, and strengthen long-term planning to ensure the security and sustainability of Egypt’s energy supplies. The post Planning, petroleum ministers discuss strategy to strengthen Egypt’s energy security first appeared on Dailynewsegypt.
