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Badawi noted that the petroleum sector currently contributes about 1 per cent to Egypt’s GDP but has the potential to expand significantly to 5-6 per cent in the medium term. He also reaffirmed Egypt’s commitment to achieving its renewable energy target, aiming for 42 per cent of the energy mix by 2030.
During the first dialogue session at the 10th Egypt Oil and Gas Foundation Conference, Minister of Petroleum and Mineral Resources Karim Badawi announced that Egypt has introduced 61 lucrative investment opportunities to advance its petroleum and gas resource development. He highlighted Egypt’s strategic advantages, including exceptional infrastructure in natural gas and petroleum and a prime geographic location.
Badawi noted that the petroleum sector currently contributes about 1 per cent to Egypt’s GDP but has the potential to expand significantly to 5-6 per cent in the medium term. He also reaffirmed Egypt’s commitment to achieving its renewable energy target, aiming for 42 per cent of the energy mix by 2030.
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The minister underscored the importance of regional collaboration to transform aspirations into tangible results, reinforcing Egypt’s position as a regional energy hub. He emphasized the role of Egypt’s advanced infrastructure and partnerships with Cyprus and global energy companies in utilizing current and future gas discoveries, focusing on re-exporting or adding value to the domestic market.
