Egypt Eyes Boost in Oil Sector Performance Amid Growth Plans

The Egyptian government is working to boost the country's oil sector performance through increased production and investment. Minister of Planning and Economic Development Ahmed Rostom discussed this with Petroleum and Mineral Resources Minister Karim Badawi, highlighting the importance of developing the sector for the national economy.

Rostom noted that the petroleum sector is a key driver of economic growth, citing a 22.4% increase in oil refining during the third quarter of fiscal year 2025/2026 and an overall growth rate of 8.7%. He also commended efforts to boost investment in the sector, which has contributed to restoring confidence and paving the way for increased exploration and field development.

Badawi emphasized the ministry's commitment to positive growth and overcoming challenges, citing indicators showing a return to growth in crude oil production and an expansion of oil refining. He also highlighted plans to expand natural gas connections to homes, convert vehicles to run on natural gas, and increase the number of fuel service stations.

The ministers also discussed diversifying energy sources, with Badawi noting that the ministry is working to increase the contribution of renewable energy to power generation and reduce gas consumption. He added that projects to connect Cypriot gas fields to Egypt's infrastructure would strengthen the country's role as a regional energy hub.