The minister highlighted that the ministry has successfully broken the cycle of declining production, reaching a stage of stability by the end of 2025. He announced ambitious targets for 2026, including drilling 101 exploratory wells to boost gas and petroleum reserves and production, ensuring that the local market’s needs have been fully secured across all sectors since July.
He added that partnership with the private sector is the
cornerstone of Egypt’s vision for energy sector growth. The minister confirmed
the regular payment of dues to foreign partners and the provision of a flexible
investment incentive package. He also outlined the pillars of Egypt’s strategy
to become a regional gas hub, which focuses on strengthening regional
connectivity with countries such as Cyprus and developing infrastructure
through gasification units with a total capacity of 2.75 billion cubic feet per
day, ensuring high flexibility in securing natural gas supplies.
Badawi also presented the roadmap for developing the
petroleum refining sector, which includes implementing several major projects
between 2026 and 2030 to achieve self-sufficiency in petroleum products. Key
projects include the expansion of the Midor Refinery to increase capacity to
160,000 barrels per day, the Anubik solar complex project in Assiut, and
significant entry into green energy through sustainable aviation fuel (SAF) and
green ammonia production projects in cooperation with Mobco and Norway’s
Scatec.
Regarding the mining sector, the minister reviewed the
development plan aimed at increasing its contribution to Egypt’s Gross Domestic
Product (GDP). He highlighted Egypt’s strong advantages for the mining sector,
including the mineral-rich Nubian-Arabian Shield, advanced infrastructure with
mining ports, and an extensive road network. He explained that transforming the
Mineral Resources Authority into an economic entity, adopting new exploitation
agreement models, and launching a new package of incentives, alongside the
availability of energy, makes Egypt a globally competitive mining destination,
particularly in gold, copper, and phosphate.
The minister concluded by thanking the American Chamber of
Commerce for its positive role in promoting cooperation among industry
stakeholders, as well as all global and local partner companies. He praised the
vital role of workers in the petroleum and mining sectors, describing them as
the cornerstone for implementing this ambitious strategy. He emphasized that
collaboration between the government and the private sector is the true
guarantee for achieving prosperity and securing Egypt’s energy future.