Badawi made these remarks during his periodic meeting at the headquarters of the Egyptian Natural Gas Company (GASCO) with senior officials from the petroleum and mineral resources sector and the board chairpersons of energy companies.
The meeting was held to review achievements, discuss the sector’s work vision, identify required support for the coming period, and address challenges to boost production and maximise resource utilisation.
During the meeting, Badawi highlighted the positive results achieved in recent months under the ministry’s main strategic pillars. He noted that offering investment incentives to partners and committing to paying their dues have halted the decline in gas production caused by slowing investments. He added that these measures have also stabilised output in preparation for gradual increases.
Furthermore, Badawi noted that these efforts, which contributed to boosting domestic production, saved the state around $3.6 billion in fuel import costs for the 2024/2025 fiscal year. He expressed appreciation for sector leaders and field teams at oilfields, companies, and various petroleum sites for their dedication.
Moreover, Badawi noted the adequate preparation of infrastructure for importing liquefied natural gas (LNG), including a robust regasification fleet with a capacity of 2.25 billion cubic feet per day, managed by 1500 workers representing multiple energy sectors.
He emphasised that this system prevents any potential gas supply disruptions, thereby serving the citizens.
In addition, speaking of the petrochemicals sector, Badawi indicated that Egypt is carrying out several projects, whether existing or new, with significant economic and environmental returns. He noted that the Egyptian Petrochemicals Holding Company spearheads these efforts and that several other projects will be implemented soon.
On mining, Badawi explained that transforming the Mineral Resources Authority into an economic authority will significantly increase the mining sector’s contribution to GDP from less than 1 percent to 6 percent within three years.
He concluded by urging the participants in the meeting to continue improving performance and to coordinate with the relevant authorities and holding companies. He also exhorted them to comprehensively review safety systems across all companies, both in administrative offices and operational sites, emphasising the need to ensure that all contractors implement safety regulations.
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