In a recent meeting, Egyptian Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources, Tarek El-Molla, discussed ensuring an adequate fuel supply for the upcoming Eid al-Fitr holiday and delineated strategies for long-term investments in the nation’s oil and gas industry. El-Molla presented an ambitious agenda aimed at attracting substantial foreign direct investment (FDI) for the upcoming fiscal year.
This plan includes a goal to increase the share of renewable energy within Egypt’s national power grid to 42% by 2035. He highlighted ongoing exploration efforts by prominent global oil corporations in the Mediterranean Sea, aimed at sustaining and possibly increasing production levels. With the expected rise in fuel demand during the holiday season, the Ministry has committed to enhancing fuel distribution across the nation.
El-Molla emphasized the strength of Egypt’s natural gas infrastructure, which positions the country as a crucial gas exporter in the East Mediterranean region. He acknowledged the ongoing efforts to gather foreign currency essential for the further development of gas projects.
This meeting underscores Egypt’s continuous efforts to attract foreign direct investments, a key component of the country’s economic strategy. Notably, Rania El-Mashat, Egypt’s Minister of International Cooperation, has played a crucial role in these efforts, reflecting the nation’s commitment to enhancing FDI inflows.
FDI is crucial for Egypt’s economy, providing much-needed capital, facilitating technology transfer, and creating jobs, thereby supporting sustainable economic growth and development. The government’s proactive approach in seeking international partnerships and investments, particularly in strategic sectors like oil and gas, aligns with broader objectives to diversify the economy of the country.
Sources: Daily News Egypt, Reuters, Drakkar for Trading
