El-Sisi inaugurates EGYPES 2025 with Cypriot President
Updated 2/18/2025 1:16:00 AM
Arab Finance: President Abdel Fattah El-Sisi, alongside Cypriot President Nikos Christodoulides, inaugurated the eighth edition of the Egypt Energy Show (EGYPES 2025), which runs from February 17th to 19th, as per a statement.
The event brings together ministers, international energy leaders, and heads of regional and global organizations, along with several Egyptian government officials.
Held under the theme "Building a Secure and Sustainable Energy Future," the conference underscores the energy sector’s role in economic development.
Minister of Petroleum and Mineral Resources Karim Badawi delivered the opening speech, emphasizing Egypt’s commitment to strengthening its energy sector.
He highlighted EGYPES’ development into a key global energy platform and credited El-Sisi’s continued patronage for its success.
Badawi also welcomed Christodoulides, noting his attendance as a reflection of the strong ties between Egypt and Cyprus.
Badawi outlined Egypt’s strategy to secure energy supplies, boost oil and gas production, and attract investment.
He emphasized the government's focus on diversifying energy sources, aligning with the Egypt Vision 2030 strategy, and enhancing cooperation between the petroleum and electricity ministries.
The petroleum sector's integrated strategy revolves around six key areas: increasing production to meet local demand, maximizing infrastructure use in refining and petrochemicals, boosting mining’s contribution to GDP to 5-6%, expanding renewable energy to 42% of the energy mix by 2030, prioritizing safety and sustainability, and leveraging Egypt’s strategic location for regional energy cooperation.
Badawi detailed ongoing reforms to enhance investment appeal, including policy adjustments, flexible pricing models, and digital technologies to accelerate exploration and production.
He noted that incentives introduced in 2024 had led to a revival of drilling activities, with 105 new development wells reducing Egypt’s energy import bill by $1.5 billion every six months.
Recent discoveries by ExxonMobil, bp, and Dragon Oil in the Mediterranean and Gulf of Suez further demonstrate Egypt’s growing energy potential.
The minister also announced the launch of a new global bid for natural gas exploration in the Mediterranean and Nile Delta, offering 61 investment opportunities.
Seven petroleum agreements have been signed, with 18 more expected in the first half (H1) of 2025.
Additionally, the Midor refinery has reached full operational capacity, strengthening domestic fuel production, while initiatives continue to expand natural gas distribution and vehicle conversions.
Acknowledging global energy trends, Badawi stressed Egypt’s commitment to emission reduction and environmental sustainability, highlighting collaboration with the electricity ministry on energy efficiency.
He expressed appreciation for Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud’s role in fostering bilateral energy strategies.
Despite challenges such as geopolitical tensions, fluctuating energy prices, and declining production levels, Badawi emphasized the government's proactive approach.
He credited extensive cooperation with international partners for the sector’s recent progress, particularly in resuming exploration and securing new investments.
He also underscored Egypt’s role as a regional energy hub, citing advanced infrastructure, export facilities, and agreements with neighboring countries.
Cooperation with Cyprus has led to a recent agreement aimed at optimizing regional energy resources, with additional agreements expected to be signed during EGYPES.
Highlighting the importance of human capital, Badawi reaffirmed the ministry’s efforts to develop young professionals and promote women in leadership roles.
The minister concluded his speech by expressing confidence in Egypt’s energy market, citing international reports that predict continued growth, and reiterated the sector’s ability to drive economic progress under the government’s integrated strategy.
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