Arab Finance: Egypt plans to implement refinery development projects, with $4.5 billion in total investments, to increase domestic petroleum product production and reduce reliance on imports, Minister of Petroleum and Mineral Resources Karim Badawi announced.                                                                                 

This falls within the government’s objectives to boost oil and natural gas production, attract fresh investments to the petroleum sector, and reduce its import bill to reinforce energy security and support economic growth.

Badawi's remarks came during a meeting with Minister of Planning and Economic Development Ahmed Rostom to review the sector’s future strategy under Egypt’s economic and social development plan for fiscal year (FY) 2026/2027.

Egypt is working with the Ministry of Electricity and Renewable Energy to update the national energy strategy, with a focus on expanding renewable energy capacity and allocating greater volumes of natural gas to value-added industries, Badawi pointed out. This is in addition to expanding refining and petrochemical activities while adopting proactive measures to secure energy supplies.

He also outlined Egypt’s efforts to capitalize on its strategic location and existing energy infrastructure by receiving natural gas from Cyprus and re-exporting it to international markets through Egyptian facilities. The move is expected to reinforce Egypt’s position as a regional energy hub.

For his part, Rostom highlighted the progress made in attracting investments to the petroleum and energy sector, particularly following the settlement of outstanding dues owed to foreign partners, noting that the sector’s growth has shifted from contraction to positive territory thanks to these measures.