Egypt is pressing ahead with six petroleum refinery development projects representing total investments exceeding $4 billion, Minister of Petroleum and Mineral Resources Karim Badawi announced following a meeting with senior officials from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
The projects are designed to increase domestic refined product output, boost added value across the oil sector, and reduce Egypt’s dependence on fuel imports. Minister Badawi and IFC Vice President for Africa Ethiopis Tafara and Regional Director Cheick-Oumar Sylla discussed financing opportunities in petroleum refining, petrochemicals, value-added industries, and the mining sector, with the two sides exploring potential cooperation to accelerate the utilisation of Egypt’s existing refining infrastructure.
Badawi detailed reforms implemented over the past 18 months to improve the investment climate, including a commitment to settling outstanding dues owed to exploration and production partners and the introduction of new incentive packages. On the mining side, the minister highlighted initiatives to attract investment in gold and mineral exploration, with the ministry working to facilitate partnerships for industrial projects using Egyptian raw materials to boost the sector’s contribution to GDP. He emphasised that project safety, asset integrity, and environmental compliance are “non-negotiable” across the petroleum sector.
IFC’s Tafara praised the ministry’s recent reform track and reaffirmed the corporation’s commitment to its partnership with Egypt, noting that the mining sector is a priority across Africa. The two parties agreed to hold follow-up meetings between technical specialists to determine cooperation priorities.
SOURCE: dailynewsegypt.com