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Egyptian Prime Minister Mostafa Madbouly met with Tarek El-Molla, Minister of Petroleum and Mineral Resources, today to discuss securing fuel supplies ahead of the Eid al-Fitr holiday and long-term investment plans in the oil and gas sector.

El-Molla outlined Egypt’s strategy to attract significant foreign investment in the coming fiscal year, aiming to increase the contribution of renewable energy to the national grid to 42% by 2035. He highlighted ongoing exploration activities by major international oil companies in the Mediterranean Sea, with drilling programs underway to maintain and potentially increase production. Additionally, El-Molla pointed to strong international interest in partnerships within Egypt’s oil and gas sector.

“The focus on exploration and research is to bolster our petroleum reserves, ensuring we meet local market needs and have a surplus for value-added industries and exports,” El-Molla said.

To address the upcoming holiday demand, the Ministry confirmed plans to increase fuel pumping rates across the country. El-Molla emphasised Egypt’s robust natural gas infrastructure, which has positioned the nation as a key East Mediterranean gas exporter. He noted ongoing efforts to secure foreign currency for project components, critical for further gas development.

Looking ahead to 2024, El-Molla emphasised the sector’s commitment to completing projects that will enhance oil and gas production. He highlighted successful project completions in 2023, adding new crude oil and natural gas fields to the national production map.

The meeting also addressed the recent collaboration between Egypt’s Ministry of Petroleum and Mineral Resources and Ecuador’s Ministry of Energy and Mining. The memorandum of understanding paves the way for cooperation in various energy sectors, with the potential for Ecuador to benefit from Egyptian expertise in gas distribution, vehicle conversions, and compressed natural gas station development.

El-Molla concluded by outlining the Ministry’s latest joint venture with Honeywell, a global leader in green fuels and emissions reduction technologies. This partnership, he said, will contribute significantly to Egypt’s national economic objectives through training initiatives and the development of environmentally friendly energy solutions.