Minister of Petroleum and Mineral Resources Karim Badawi has announced that the oil and gas sector is working on preparing new investment opportunities, with ongoing discussions aimed at enhancing their appeal to investors.

Badawi emphasized that the oil and gas sector’s partners have reaffirmed their full commitment to ensuring the sustainability and continuity of their operations in Egypt. He underscored the importance of collaboration with international financial institutions, particularly the World Bank, which serves as a strategic partner to the petroleum sector by financing key projects aimed at boosting production efficiency, reducing costs, improving energy efficiency, protecting the environment, and advancing the mining sector’s development framework.

This came during the Minister’s meeting with the World Bank delegation for the Middle East and North Africa region, which included Husam Beides, the World Bank Energy Practice Manager for the Middle East and North Africa Region; Senior Energy Specialist, Yosra Assaker; and other officials.

Badawi explained that the oil and gas sector has ambitious plans that are being worked on, and therefore the coming period requires a proposal that includes more development in the aspects of cooperation between the sector and the bank.

The meeting witnessed the delegation presenting a presentation on the World Bank’s cooperation with the Ministry of Petroleum and Mineral Resources in a number of projects, most notably participation in financing part of the natural gas delivery project to homes over a period of 10 years, with a contribution of approximately $300 million, resulting in the bank’s contribution to delivering gas to approximately 1.5 million housing units in 11 governorates in Egypt.