Karim Badawi, Minister of Petroleum and Mineral Resources and Ahmed Rostom, Minister of Planning and Economic Development, met to discuss plans to boost oil and natural gas production and curb petroleum imports.

As part of the government’s FY2026/27 development plan, the two ministers reviewed investment and production priorities for the energy sector in the new fiscal year, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR)

Badawi said the ministry will focus on increasing oil and gas output, attracting new investment, reducing the petroleum product import bill and expanding local value-added activities while meeting domestic energy needs.

The ministry also plans to spend $4.5 bn on refinery development to increase local production and reduce reliance on imports. Another part of the plan involves receiving natural gas from Cyprus and re-exporting it to international markets through Egypt.

Also, Rostom highlighted the role of regular payments of dues to foreign petroleum partners in supporting new investment. He said the payments have helped create conditions for more exploration and production spending by international companies and private-sector investors.

Rostom stressed the importance of energy security as geopolitical tensions continue to affect the region and global markets. Furthermore, he described the petroleum and energy sector as a key support for economic activity and part of Egypt’s national security.

The meeting comes after Egypt’s petroleum sector returned to growth in Q3 FY2025/26. In June 2026, Rostom said the sector grew 0.7%, its first positive rate since Q1 FY2023/24, driven by higher domestic production of crude oil, condensates and liquefied petroleum gas (LPG).