Written by: Salma El-Sakka
Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, participated representing Egypt in the 17th Ministerial Meeting of the International Energy Forum hosted by the Saudi capital, Riyadh. The meeting was held under the slogan Energy Security and Shared Objectives in a New Era, in the presence of energy ministers from several countries, leaders of global companies, and international organizations.
Energy Security and Investment Stability
Engineer Karim Badawi emphasized during his speech Egypt's full support for the Kingdom of Saudi Arabia and the backing of its stability, stressing the strength of the historical relations between the two countries. The minister pointed out that energy security represents a shared responsibility, explaining that achieving this security requires pumping sufficient investments in the fields of exploration, production, infrastructure, and technology, to ensure flexibility in facing market disruptions.
Balancing Supplies and Sustainability
The minister reviewed the challenge of achieving a balance between securing reliable supplies at an affordable cost and achieving environmental sustainability, emphasizing the necessity of integration between these priorities. He explained that the energy transition must take into account the disparity in natural resources and consumption patterns among countries, pointing to the importance of energy as a pillar for industrial growth and job creation in emerging economies.
Egypt's Priorities in the Energy Sector
The minister revealed the Egyptian state's strategy to increase local production of petroleum and gas by creating an attractive investment environment to accelerate research and exploration work in cooperation with partners. He stressed the role of modern technology in raising operational efficiency, improving extraction rates, and reducing production costs and emissions, in addition to maximizing the economic return through expansion in refining and petrochemical industries to meet the local market and reduce imports.
Improving the Investment Climate and Regional Cooperation
The minister addressed the efforts made to improve the investment climate, such as zeroing out dues of foreign partners, providing new incentives, and providing data via the Egypt Upstream Gateway. He also highlighted Egypt's role as a pivotal energy hub thanks to possessing a national gas network, liquefaction plants in Idku and Damietta, the Suez Canal, and the Sumed pipeline, pointing to the Cypriot Cronus field project as a model for regional cooperation to transport and process gas in Egypt and export it to Europe.
Developing the Mining Sector and the Future of Energy
Engineer Karim Badawi pointed out that mineral wealth represents a growing pillar for the future of energy, especially with the increasing demand for minerals necessary for renewable energy technology. He stressed that the state is working on developing the investment framework and updating geological data to maximize the added value of local mineral manufacturing, concluding by emphasizing the possibility of achieving energy security and reducing emissions together through realistic planning and international cooperation.
