Cairo:According to State Information Service Egypt, Egypt's Minister of Planning and Economic Development, Ahmed Rostom, and Minister of Petroleum and Mineral Resources, Karim Badawi, recently conducted a meeting to discuss the performance of the petroleum sector. They focused on monitoring performance indicators, increasing production and investment, and enhancing services provided to citizens.

Planning Minister Rostom emphasized the petroleum sector's significance to the national economy. He highlighted its role in meeting energy needs, supporting productive activities, attracting investment, and contributing to economic growth. Rostom noted the sector's notable improvements, with oil refining experiencing a 22.4% growth in the third quarter of the fiscal year 2025/2026 and an 8.7% growth during the entire fiscal year.

Rostom also praised efforts to boost investment and settle outstanding dues to foreign partners, which have restored confidence in the investment climate. This has paved the way for more investment in exploration and development, supporting higher domestic production and meeting market demands.

Petroleum Minister Badawi shared that the sector is on a path of positive growth despite challenges. He mentioned crude oil production's return to growth and the expansion of oil refining. The ministry aims to increase domestic production by developing existing fields and exploring new discoveries to reduce imports.

Badawi also discussed plans to enhance services for citizens by expanding natural gas connections to homes and converting vehicles to run on natural gas. He highlighted efforts to increase natural gas fueling stations, which would lower fuel costs for vehicle owners.

In terms of diversifying energy sources, Badawi mentioned collaboration with the Ministry of Electricity to increase renewable energy's contribution to power generation. This initiative aims to reduce gas consumption and import costs. Additionally, Badawi noted projects connecting Cypriot gas fields to Egypt's infrastructure, enhancing Egypt's role as a regional energy hub.

The meeting also reviewed growth rates and the expansion of fuel service stations, which increased from 2,900 in 2014 to 4,107 by the end of fiscal year 2025/2026. These efforts aim to improve services, accommodate urban growth, and provide facilities in remote and new communities.