Egypt's new Petroleum Minister outlines reform agenda for oil sector
Updated 7/4/2024 8:18:00 AM
Arab Finance: Egypt's newly appointed Minister of Petroleum and Mineral Resources Karim Badawy has unveiled a comprehensive economic reform program aimed at revitalizing the country's key sectors, as per a statement.
The government is set to work within the framework of the economic reform program to lure further investment and encourage the involvement of the private sector for a comprehensive development of all sectors, topped by the petroleum and mining sectors, the minister stated.
Badawy emphasized accelerating the development of newly discovered oil and gas wells to boost domestic production.
He also highlighted the importance of expanding research and exploration efforts across Egypt's land and sea territories.
Additionally, Badawy aims for research, exploration, and emerging energies like hydrogen to attract new investments while ensuring secure and sustainable fuel supplies for the local market.
Moreover, he expressed his commitment to supporting energy transition initiatives and diversifying energy sources to strengthen Egypt's energy security.
The minister also underscored the importance of advancing major refining projects, such as the Assiut and Midor diesel production maximization projects.
Furthermore, he outlined plans to promote investment opportunities in oil and gas exploration through digital technologies and enhance the petrochemical industry to add higher-value products and stimulate downstream industries.
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