Search
Close this search box.

Petroleum Minister Highlights Investment Promotion in Oil, Gas Sectors

Cairo: Minister of Petroleum and Mineral Resources Karim Badawi emphasized the government's commitment to diversifying energy resources, particularly natural gas. This came during Badawi's meeting with ambassadors assigned to lead Egypt's diplomatic and consular missions abroad, where he outlined the Ministry's ongoing efforts to stimulate investment and drive growth in the petroleum, gas, and mining sectors, enabling diplomats to present a more attractive image of Egypt's investment climate.According to State Information Service Egypt, Badawi reviewed the six main pillars of the Ministry's current strategy, stressing the importance of integration and effective cooperation between the Ministries of Petroleum and Electricity and investment partners to address recent energy challenges. He noted that the Ministry's investment promotion measures have already borne fruit, restoring investor confidence and halting production decline.The next phase, he added, aims to build on this momentum and increase oil and g as output. As part of Egypt's strategy to become a regional energy hub and maximize its infrastructure, Badawi pointed to a recent agreement with Cyprus to transport Cypriot gas to Egypt. This gas will be liquefied at Egypt's LNG plants in Idku and Damietta for export to Europe, in addition to being used domestically and in value-added industries, further solidifying Egypt's position as a leading regional energy hub.On the mining sector, Badawi affirmed that Egypt possesses all the necessary elements to propel this sector and boost its contribution to GDP. These include promising geology, robust infrastructure developed under President Abdel Fattah El-Sisi, diverse energy resources, and an investor-friendly legislative framework. He highlighted recent structural reforms in the mining sector, including amendments to the law governing the Egyptian Mineral Resources Authority (EMRA), transforming it into an economic entity, and revising the concession system to align with global investment standards.Badawi a nticipates a significant leap in this promising sector, attracting more international companies not only for mineral extraction but also for industrial projects that manufacture and add value to raw materials. This would contribute to making Egypt a regional center for mining-based industries. He reaffirmed his full readiness to work with ambassadors to attract foreign and expatriate Egyptian investors and open global opportunities for Egyptian companies. He cited successful examples like Petrojet and Enppi, which possess the capabilities to compete internationally.