Egypt's Minister of Petroleum and Mineral Resources Karim Badawi announced that the country is implementing six petroleum refinery development projects with investments exceeding $4 billion. The projects aim to increase domestic production, boost added value, and reduce the fuel import bill. The statement came after a meeting with officials from the International Finance Corporation.
In a statement following a meeting with International Finance Corporation (IFC) Vice President for Africa Ethiopis Tafara and Regional Director Cheick-Oumar Sylla, Minister Karim Badawi confirmed that the projects are designed to enhance domestic production and lessen reliance on imports. The two sides discussed investment and financing opportunities in petroleum refining, petrochemicals, value-added industries, and the mining sector. They also explored potential cooperation to provide financing that accelerates the utilization of Egypt's refining infrastructure.
The minister outlined reforms implemented over the past 18 months to improve the investment climate in the oil and gas sector, including commitments to settle dues owed to exploration and production partners and the introduction of incentive packages to support local production. In the mining sector, he highlighted reforms aimed at attracting investment in gold and mineral exploration, while working to facilitate partnerships for industrial projects based on Egyptian raw materials to increase the sector's contribution to gross domestic product.
Badawi emphasized that maintaining project safety, asset integrity, and environmental compliance are 'non-negotiable' constants for the petroleum sector. Tafara praised the ministry's recent reforms and reaffirmed the IFC's commitment to its partnership with Egypt, noting that the mining sector is a priority for the corporation in Africa, with a focus on maximizing the value of mineral resources. The two parties agreed to hold joint meetings between specialists in the near future to determine cooperation priorities.
The meeting was attended by Egyptian General Petroleum Corporation (EGPC) CEO Salah Abdel Karim, EGPC Vice President for Finance and Economic Affairs Amal Tantawy, Ministry Undersecretary for Projects Wael Lotfy, and Mohamed El-Bagoury, supervisor of the ministry's Central Department of Legal Affairs.