By: Sohaib Shams
Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed the commitment of the Egyptian state to secure energy needs for more than 110 million citizens, while enhancing supply security and overcoming current challenges in global energy markets. These statements came during the Minister's speech at the Mediterranean Oil and Gas Conference and Exhibition (MOC 2026), hosted by the city of Alexandria, where he reviewed the features of the state's strategy for transforming into a pivotal regional hub for energy production and trading.
Settling partners' dues and developing investments
Badawi explained that the petroleum sector has witnessed significant positive transformations over the past two years, primarily the government's success in fully settling investment partners' dues. This step is considered a fundamental pillar for strengthening confidence in the Egyptian market and encouraging global companies to inject more investments into search, exploration, and field development activities. The ministry also emphasized that settling these dues is directly aimed at incentivizing companies to intensify drilling operations, which raises local production rates and gradually reduces reliance on imports to meet growing demand.
Expanding renewable energy within the 2028 vision
As part of the diversification strategy, the Minister of Petroleum revealed the state's targets to increase the contribution of renewable energy to 45% of the energy mix by September 2028. This trend reflects the government's keenness to enhance sustainability and integrate roles between the petroleum and electricity sectors, to ensure the stability of the energy system in the face of international fluctuations. This approach comes in parallel with efforts to secure necessary supplies for the industrial and national economic sectors.
Alexandria as a regional energy gateway
Badawi emphasized the strategic position of the city of Alexandria as a main gateway for regional cooperation in the Mediterranean region, confirming the importance of Egypt's geographical location in supporting its ambitions for energy centralization. The Minister called for strengthening long-term partnerships with major global energy companies, with a focus on transferring expertise and localizing modern technology to support operational processes, in a way that ensures meeting growing local needs and developing Egypt's active role in the regional and international energy map.
