Cairo: The state plans to boost oil and gas production, attract fresh investment and cut petroleum imports as part of its 2026/2027 economic and social development plan, Planning Minister Ahmed Rostom and Petroleum Minister Karim Badawy said on Saturday, August 8, 2026.

According to State Information Service Egypt, Rostom highlighted that the regular payment of dues to foreign partners had created a more appealing investment climate. This financial strategy has supported a noticeable shift in the petroleum sector from contraction to positive growth. Emphasizing energy security as a national priority, Rostom pointed to the importance of stable energy supplies amid ongoing regional and global geopolitical tensions.

Petroleum Minister Karim Badawy outlined plans for Egypt to invest $4.5 billion in refinery development. This investment aims to boost domestic production and further reduce the nation's dependence on petroleum imports. Badawy also mentioned the country's goal to receive Cypriot gas, which would then be re-exported to global markets, thus strengthening Egypt's position as a regional energy hub.

Furthermore, Badawy revealed that the government is updating its national energy strategy. The revised strategy will focus on expanding renewable energy sources and supporting higher-value industries, aligning with the broader objectives of the economic and social development plan.