Egypt is implementing six petroleum refinery development projects with total investments exceeding $4bn, Minister of Petroleum and Mineral Resources Karim Badawi said.
The projects are designed to increase domestic production, boost added value, and reduce the country’s fuel import bill, Badawi said in a statement following a meeting with International Finance Corporation (IFC) Vice President for Africa Ethiopis Tafara and Regional Director Cheick-Oumar Sylla.
The minister and officials from the IFC, a member of the World Bank Group, discussed investment and financing opportunities in petroleum refining, petrochemicals, and value-added industries, as well as the mining sector. The two sides explored potential cooperation to provide financing aimed at accelerating the utilisation of Egypt’s refining infrastructure.
Badawi detailed reforms implemented over the past 18 months to improve the investment climate in the oil and gas sector. These measures include a commitment to settling dues to exploration and production partners and the introduction of incentive packages to bolster local production.
In the mining sector, the minister highlighted reforms intended to attract investment in gold and mineral exploration. He noted that the ministry is working to facilitate partnerships for industrial projects based on Egyptian raw materials toincrease the sector’s contribution to gross domestic product.
Badawi added 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. He stated that the mining sector is a priority for the corporation in Africa, with a focus on maximising 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.
