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.
Rostom said the regular payment of dues to foreign partners had helped create a more attractive investment climate and supported a shift in the petroleum sector from contraction to positive growth. He described energy security as a national priority amid regional and global geopolitical tensions.
Badawy said Egypt plans to invest $4.5 billion in refinery development to increase domestic production and reduce imports. “The country also seeks to receive Cypriot gas and re-export it to global markets, strengthening its position as a regional energy hub,” Badawy added.
“The government is also updating its national energy strategy to expand renewable energy and support higher-value industries,” he said. Cabinet approves EIB-funded power grid expansion, UAE wind energy agreements List of government, foreign universities and institutes accredited in Egypt The Inauguration of the State Strategic Command Headquarters “The Octagon” in the New Capital Cabinet approves EIB-funded power grid expansion, UAE wind energy agreements List of government, foreign universities and institutes accredited in Egypt The Inauguration of the State Strategic Command Headquarters “The Octagon” in the New Capital