Egypt Advances Energy Diplomacy Through Key International Dialogues
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has engaged in crucial discussions with international partners to advance the country’s energy sector development and investment opportunities.
In a significant meeting with the US International Development Finance Corporation (DFC), Badawi outlined Egypt’s sustainable energy strategy, which focuses on diversifying the country’s energy mix by increasing reliance on renewable sources including solar and wind power, as well as green hydrogen and ammonia projects. This strategic shift is designed to reduce Egypt’s dependence on natural gas for electricity, reserving it for projects that provide greater economic value.
The DFC delegation, led by Benjamin Thomson, Minister-Counsellor for Economic Affairs at the US Embassy in Cairo, praised Egypt’s efforts to create an attractive investment climate and confirmed their commitment to supporting investment projects. The meeting concluded with an agreement to continue monitoring potential opportunities and schedule additional working sessions to discuss prospective projects in the petrochemical sector.
Separately, Badawi met with representatives from the Saudi Egyptian Investment Company (SEIC), a subsidiary of Saudi Arabia’s Public Investment Fund, to discuss investments in Egypt’s petroleum and fertilizer sectors. The meeting reviewed SEIC’s existing investments in the petrochemical and fertilizer industries through its stakes in Misr Fertilizers Production Company (MOPCO) and Abu Qir Fertilizers and Chemicals Company.
Badawi highlighted that recent efforts to increase domestic gas production and secure imports have enabled petrochemical and fertilizer plants to resume full operations, which will help meet local demand and support increased exports. SEIC officials expressed appreciation for the ministry’s support and reiterated their long-term strategy for investing in Egypt’s oil, gas, petrochemicals, and fertilizer sectors.
Source: egyptoil-gas.com
