Latest news with #PetroleumandMineralResources
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Petroleum Minister, IPIC chief discuss expanding local industry, investment in Egypt
Minister of Petroleum and Mineral Resources Karim Badawi met with Abdulkarim Abdullah Al-Mutawa, Chairperson of the International Pipe Industry Company (IPIC), to discuss strengthening local industrial capabilities and expanding investment in Egypt's petroleum sector. During the meeting, the two sides reviewed IPIC's activities, with particular focus on the company's factory in Port Said—established through joint Egyptian-Kuwaiti investments—as a successful model of industrial localization. The facility produces high-quality steel pipes and elbows used in oil and gas projects, infrastructure, transportation, and irrigation systems. Minister Badawi emphasized that promoting local industry is a national priority, given its critical role in reducing Egypt's import bill and increasing reliance on domestically manufactured components. He noted that the Ministry fully supports projects that contribute to industry localization, attract foreign and regional investment, and boost added value in the petroleum sector. 'The investment environment in Egypt is undergoing major positive transformations,' Badawi said, 'with significant incentives to encourage participation in energy, petroleum, and gas industries—particularly from Arab partners.' He added that the government is focused on offering promising investment opportunities while supporting the shift to renewable energy, including maximizing the use of natural gas in local manufacturing to generate greater economic returns. For his part, Al-Mutawa praised Egypt's investment climate and highlighted the strength of its engineering and technical workforce. He noted that IPIC's Port Said facility is fully operated by Egyptian professionals and benefits from the country's robust infrastructure, government support, and political stability—all essential ingredients for investment success. He also expressed appreciation for the ongoing support from the Ministry and Egyptian stakeholders, especially Petrojet, which played a key role in the project. The meeting concluded with both parties agreeing to explore further expansion opportunities in line with Egypt's strategy to enhance local manufacturing and reduce dependency on imports. The Kuwaiti delegation affirmed its interest in increasing investment in Egypt, citing the country's favorable conditions for long-term industrial growth.
Daily News Egypt
22-07-2025
- Business
- Daily News Egypt
Al-Sisi urges accelerated oil, gas discoveries, lower import bill
Egyptian President Abdel Fattah Al-Sisi met on Tuesday with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi to review recent developments in the petroleum and mining sectors, the presidency announced in a statement. Presidential spokesperson Mohamed El-Shennawy said the minister presented the ministry's current strategy, which focuses on boosting exploration and production, maximising value through refining and petrochemical industries, and launching a new phase in mining to deepen its economic contribution. The meeting reviewed government efforts to secure domestic energy needs, particularly for the electricity sector, alongside updates on exploration activities and newly added reserves. The minister reported significant achievements between July 2024 and June 2025, including a rise in domestic oil and gas output and successful measures to curb the natural decline in gas production. Discussions also addressed steps to reduce outstanding payments to foreign partners and the ministry's ongoing commitment to settle monthly dues, aimed at fostering greater investment and accelerating project timelines. Participants reviewed key infrastructure developments, notably the expansion of floating regasification unit capacity from 1,000 to 2,250 million cubic feet per day—strengthening supply security and emergency preparedness. The meeting also discussed cooperation with Cyprus to diversify gas imports and advance Egypt's vision to become a regional gas trading hub. On the mining front, officials outlined plans to transform the Mineral Resources Authority into a commercially active entity, sign agreements with leading international companies, and establish value-added industries driven by national investment. President Al-Sisi underscored the importance of sustaining an attractive investment environment, bolstering domestic oil and gas production to support national development, reduce the import bill, and ease pressures on citizens. He called for accelerating the connection of new discoveries to production, expanding exploration programmes, and offering additional incentives to spur growth in the petroleum and mineral resources sectors.
Daily News Egypt
21-07-2025
- Business
- Daily News Egypt
Government efforts continue to secure gas supplies for power, industry during summer
Minister of Petroleum and Mineral Resources Karim Badawi has affirmed that the ministry is pressing ahead with its strategy to sustainably provide natural gas to meet domestic market needs — particularly for the electricity and industrial sectors — amid rising power loads during the summer months and increased fuel consumption driven by high temperatures. His remarks came during a visit to the main control centre of the national natural gas grid, the National Advanced Transmission and Automation Centre (NATA), operated by the Egyptian Natural Gas Company (GASCO) in New Cairo, where he reviewed the operational status of gas pumping across the national grid. Badawi also checked the efficiency of operations and gas flow from local production sources as well as through the three regasification vessels currently stationed at the SUMED and Sonker terminals in Ain Sokhna. The Minister noted the successful securing of fuel and gas for the power sector during the recent heatwave, attributing it to the ministry's proactive contingency plans and emergency response strategies. He stressed the importance of ongoing coordination between the Ministry of Petroleum and Mineral Resources and the Ministry of Electricity and Renewable Energy, supported by joint teams working around the clock to assess the sector's evolving gas requirements and ensure timely LNG imports. Badawi concluded by emphasising that the state remains committed to sustaining local fuel and gas supplies to maintain energy system stability, in line with broader economic development objectives.
Al-Ahram Weekly
18-07-2025
- Business
- Al-Ahram Weekly
Egypt Assistant FM holds high-level meeting on political-trade ties with Canada - Foreign Affairs
Assistant Foreign Minister for US Affairs Sameh Aboul-Enein convened a high-level coordination meeting on Friday with members of the Egyptian-Canadian Business Council to follow up on the outcomes of the political and trade consultation round held in April. The meeting, which included senior officials from key ministries and national bodies as well as several Egyptian parliamentarians, focused on reviewing the progress of joint projects with Canada. Participants discussed frameworks designed to ensure continuity in building on the positive outcomes of the Egyptian delegation's recent visit to Canada, which included representatives from the Ministries of Investment and Foreign Trade, Petroleum and Mineral Resources, as well as business leaders and parliamentarians. The meeting also highlighted the need to sustain momentum in supporting Egypt's national strategy to boost investment opportunities, considering the economic dimension as a top priority of Egypt's foreign policy, particularly in terms of attracting foreign investments and increasing trade volume. The participants reviewed key investment opportunities in the Egyptian market for Canadian companies and explored ways to attract Canadian capital to the market. They emphasised Egypt's strategic potential to serve as a gateway for Canadian businesses into African and European markets, primarily through localised production in vital sectors such as infrastructure, agriculture, and energy. During the meeting, Aboul-Enein underscored the importance of continuously monitoring the outcomes of the consultations to ensure effective implementation of agreed-upon measures. He also highlighted the progress already achieved and stressed the need to maintain the same pace of work to enhance investment prospects, increase trade exchanges, and strengthen bilateral relations. In 2024, Egypt exported goods worth $197 million to Canada, while imports from Canada totalled $369 million, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). During the 2023/2024 fiscal year, Egyptian investments in Canada reached $85.3 million. Meanwhile, Canadian foreign direct investments in Egypt amounted to $122.5 million. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
18-07-2025
- Business
- See - Sada Elbalad
Egypt's Petroleum Min. Affirms Full Support for Exploration Plans in Nile Delta
Taarek Refaat Egypt's Minister of Petroleum and Mineral Resources Karim Badawi has reiterated the government's full support for Dana Gas and its exploration efforts in the onshore Nile Delta, during a high-level meeting with the company's CEO, Richard Hall, on Wednesday. The meeting, described as extensive and strategic, reviewed Dana Gas's current activities in Egypt and discussed its future development plans in its concession areas. Minister Badawi commended the company's performance and technical achievements, expressing appreciation for the efforts of its operational teams. He emphasized that the Ministry of Petroleum remains committed to supporting international partners through a coordinated and integrated framework, aimed at overcoming challenges and accelerating the production timeline for new discoveries. 'Supporting exploration and fast-tracking discoveries into production aligns with our national strategy to increase domestic output and meet market needs for gas and petroleum products,' Badawi said. On his part, Dana Gas CEO Richard Hall hailed Egypt as a strategic partner and a central pillar of the company's regional investment portfolio, citing the promising geological potential of the Nile Delta and other Egyptian basins. He confirmed the company's desire to intensify exploration and expedite development operations to bring newly discovered wells online more quickly. Hall also expressed appreciation for Minister Badawi's recent visit to the Begonia-2 well site in the New Mansoura onshore concession, operated by Wasco Petroleum in partnership with Dana Gas. He described the visit as a strong message of encouragement and motivation to the technical teams working on the ground. 'Minister Badawi's field visit was a significant morale boost that reaffirmed our joint commitment to sustainable growth in Egypt's upstream sector,' Hall said. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Sports Get to Know 2025 WWE Evolution Results
