Karim Badawi, Minister of Petroleum and Mineral Sources and Ahmed Rostom, Minister of Planning and Financial Growth, met to debate plans to spice up oil and pure fuel manufacturing and curb petroleum imports.
As a part of the federal government’s FY2026/27 growth plan, the 2 ministers reviewed funding and manufacturing priorities for the power sector within the new fiscal yr, in accordance with a press release by the Ministry of Petroleum and Mineral Sources (MoPMR)
Badawi stated the ministry will deal with rising oil and fuel output, attracting new funding, decreasing the petroleum product import invoice and increasing native value-added actions whereas assembly home power wants.
The ministry additionally plans to spend $4.5 bn on refinery growth to extend native manufacturing and cut back reliance on imports. One other a part of the plan includes receiving pure fuel from Cyprus and re-exporting it to worldwide markets by way of Egypt.
Additionally, Rostom highlighted the function of standard funds of dues to overseas petroleum companions in supporting new funding. He stated the funds have helped create circumstances for extra exploration and manufacturing spending by worldwide corporations and private-sector buyers.
Rostom burdened the significance of power safety as geopolitical tensions proceed to have an effect on the area and world markets. Moreover, he described the petroleum and power sector as a key help for financial exercise and a part of Egypt’s nationwide safety.
The assembly comes after Egypt’s petroleum sector returned to progress in Q3 FY2025/26. In June 2026, Rostom stated the sector grew 0.7%, its first constructive fee since Q1 FY2023/24, pushed by increased home manufacturing of crude oil, condensates and liquefied petroleum fuel (LPG).
