Karim Badawi, the Minister of Petroleum and Mineral Assets, said that Egypt’s pure fuel sector has returned to attaining constructive outcomes after years of challenges, on the twenty seventh Ministerial Assembly of the Fuel Exporting Nations Discussion board (GECF), held on Monday in Doha underneath Libya’s presidency.
Main the Egyptian delegation on the discussion board, the minister added that home fuel manufacturing recorded its first enhance in three years final August, pushed by a brand new operational technique, structural reforms, and incentive measures that restored investor confidence.
Badawi additionally said that a number of main worldwide vitality corporations, together with Eni, Shell, bp, and TotalEnergies, have introduced formidable funding applications for pure fuel exploration and improvement in Egypt over the subsequent 5 years.
He additional famous that the Zohr fuel area presently contributes round 23% of Egypt’s whole pure fuel manufacturing, underscoring its strategic position in supporting the native market.
He additionally highlighted Egypt’s efforts to strengthen its liquefied pure fuel (LNG) infrastructure via the addition of floating storage and regasification models (FSRUs) in Ain Sokhna and Damietta. He stated that these steps reinforce Egypt’s place as a pivotal regional vitality hub linking Africa, the Center East, and Europe.
The assembly was attended by Saad Sherida Al-Kaabi, Qatar’s Minister of State for Power Affairs, together with ministers, heads of delegations from member and observer international locations, and the discussion board’s Secretary Basic, Mohamed Hamel. The Egyptian delegation additionally included Mahmoud Abdel Hamid, Chairman of the Egyptian Pure Fuel Holding Firm (EGAS), and Amr Ashraf, Egypt’s Government Council Member on the GECF.
