Egyptian Minister of Planning and Economic Development, Dr. Ahmed Rustom, and Minister of Petroleum and Mineral Resources, Engineer Karim Badawi, recently convened a meeting to review the performance of the oil sector. The meeting was attended by several high-ranking officials from both ministries. The primary focus was on tracking key performance indicators in the oil sector, updates on production increases, investment promotion, and enhancing services for citizens.
Dr. Rustom emphasized that the oil sector plays a vital role in the national economy, providing essential energy supplies to the local market and supporting various production and service sectors. He also highlighted the sector's contribution to attracting investments, boosting state revenues, and increasing the economy's value-added output. The minister stressed the importance of upgrading the sector and enhancing its production efficiency to support national economic goals and achieve sustainable development targets.
Rustom commended the oil sector's pivotal role in supporting the national economy and achieving economic growth. He noted a significant improvement in the sector's performance, particularly in petroleum refining, which recorded a 22.4% growth during the third quarter of the 2025/2026 fiscal year. The sector also saw an 8.7% growth throughout the same fiscal year. The minister praised efforts to promote investments in the oil and energy sector, which have led to the successful settlement of foreign partners' dues.
Engineer Karim Badawi stated that the oil sector is on a positive growth trajectory, overcoming challenges as reflected in the Planning Ministry's indicators. He noted a resurgence in crude oil production, growth in petroleum refining, and controlled decline in gas production. Badawi attributed these results to the hard work of sector employees and the settlement of outstanding dues to foreign partners, which has revitalized investment flows for field development and exploration.
Badawi emphasized that increasing domestic oil and gas production is a top priority for his ministry. This will be achieved through developing existing fields, intensifying exploration efforts to discover new resources, and meeting the needs of citizens and state sectors while reducing imports. He also highlighted the importance of expanding natural gas connections to households, replacing butane gas cylinders, and converting vehicles to run on gas.
The minister discussed efforts to diversify energy sources, coordinating with the Electricity Ministry to implement the state's strategy and increase the contribution of renewable energy to electricity generation. This aims to reduce gas consumption and lower import costs. Additionally, projects to link Cypriot gas fields to Egypt's infrastructure will enhance Egypt's role as a regional energy hub and maximize economic benefits from existing facilities.
The meeting concluded with Badawi thanking Dr. Rustom and the teams from both ministries for their constructive collaboration in setting goals and priorities to support production and improve citizen services. Key points from the meeting include a 22.4% growth in petroleum refining during the third quarter of the 2025/2026 fiscal year, efforts to increase domestic production and promote investments, and the expansion of natural gas connections to households.
Key points
- Egypt's oil sector shows positive growth indicators.
- The country aims to increase domestic oil and gas production.
- Expanding natural gas connections to households is a priority.
