Egypt's oil minister reveals six priorities for energy and mining sectors

Egypt has identified six strategic priorities for modernizing the energy and mining sectors of its economy.

Report informs that Egyptian Minister of Petroleum and Mineral Resources Karim Badawi said this during his speech at the 31st Baku Energy Forum.

The minister noted that the main priority is to create a favorable investment environment for private companies, as well as to increase the pace of hydrocarbon production by improving the efficiency of operating fields and expanding geological exploration to discover new reserves.

"The second area is the maximum use of existing infrastructure. Egypt has a strong petrochemical and oil refining sector, gas export terminals, as well as floating storage regasification unit (FSRU) infrastructure that ensures gas imports. This makes it possible to produce high value-added products from hydrocarbon raw materials of both local and regional origin.

The third priority is the mining sector. As part of its modernization, a comprehensive aerial survey of the entire country has been carried out for the first time in 40-42 years," Badawi said.

According to the minister, the fourth area is the diversification of the energy balance and increasing the share of renewable energy sources.

"In accordance with the national strategy, the share of renewable energy sources in the overall structure of energy consumption is set at 42% by 2030. The fifth priority is investment in human capital and action for future generations, taking into account the climate agenda. The sixth area covers cooperation at the regional level," the minister said.

Badawi stressed that Egypt"s favorable geographical location and infrastructure capabilities create prospects for partnership in gas transit from the Eastern Mediterranean and the processing of hydrocarbon raw materials for the benefit of all participants in the region.