Egypt Strengthens World Bank Partnership on Methane Reduction and Gas Flaring Initiatives
Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi has reinforced the strategic partnership between Egypt and the World Bank in advancing the oil and gas sector and promoting sustainable energy solutions during discussions with a World Bank delegation led by Zubin Bamji, Director of the Bank’s Global Gas Flaring Reduction Partnership (GFMR).
Minister Badawi expressed Egypt’s appreciation for the World Bank’s pivotal role as a key partner in the sector’s development and modernization. He emphasized that while renewable energy is expanding, oil and gas will remain essential components of the global energy mix for decades, serving as a vital driver of economic growth.
Highlighting Egypt’s commitment to decarbonization, the Minister noted that reducing emissions, particularly methane, represents a core priority of the Ministry of Petroleum and Mineral Resources’ strategy. He recalled Egypt’s accession to the Global Methane Pledge in June 2022 and praised the World Bank’s support for the 2030 Flaring Reduction Initiative and funding for carbon capture and storage studies.
The meeting reviewed ongoing cooperation to advance four major projects under the GFMR partnership: installing vapor recovery units for oil tanks, implementing flare gas recovery initiatives, expanding flare gas measurement systems, and launching leak detection and repair programs. Both sides discussed mechanisms to secure grants through the GFMR framework to accelerate methane reduction and strengthen Egypt’s role in the global energy transition and sustainable development.
Source: egyptoil-gas.com
