Egypt’s Minister of Planning and Economic Development, Ahmed Rostom, and Minister of Petroleum and Mineral Resources, Karim Badawi, discussed on Saturday efforts to strengthen energy security and develop the petroleum sector as part of the Economic and Social Development Plan for the 2026/27 fiscal year.
During the meeting, Minister Rostom praised national efforts to increase investment in the petroleum and energy sector and settle outstanding dues to foreign partners, noting that these measures had helped shift sector growth from contraction to positive growth.
Rostom also stressed that the petroleum and energy sector is a pillar of Egypt’s national security.
He highlighted government efforts to upgrade sector infrastructure, expand private-sector partnerships and settle payments to foreign partners to encourage greater exploration and production.
For his part, Minister Badawi said the sector’s action plan aims to sustainably increase oil and gas production, attract further investment, reduce the petroleum products import bill, maximise added value and ensure energy security.
He explained that the regular settlement of dues to investment partners had created a more attractive environment for international companies and private-sector investors to increase spending on exploration and production.
“The ministry is also implementing refinery development projects worth $4.5 billion to raise domestic production and reduce imports,” Badawi explained.
Badawi highlighted Egypt’s efforts to leverage its strategic location and infrastructure by receiving Cypriot gas and re‑exporting it to international markets, thereby reinforcing the country’s position as a regional energy hub.
He added that the national energy strategy is being updated in coordination with the Ministry of Electricity and Renewable Energy to expand renewable energy sources, increase gas supplies for value‑added industries, and enhance refining and petrochemical activities, while proactively planning to secure long‑term energy supplies.
