Egypt’s government completed preparing its energy strategy and is set to implement it starting next year, in coordination with the Ministry of Petroleum and Mineral Resources and the Ministry of Electricity, Daily News Egypt informed.
Moreover, the total investments needed by the sectors of electricity and Petroleum until 2022 amount to $75b, divided into $45b for electricity and $30b for the petroleum sector. Hence, it was agreed to develop a long-term strategy that begins in fiscal year (FY) 2018/2019 and ends in FY 2029/2030. This plan was based on the studies of the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian General Petroleum Corporation (EGPC) regarding the future quantities of produced oil and gas.
Egypt’s Minister of Electricity, Mohamed Shaker, stated that the studies of SOFRECO highlighted the required investments of $38.6b for coal projects and $36.3bfor solar power plants projects.
The study stated that the sector needs to add capacities of 51,738 MW between 2018 and 2030, including 6,950 MW from solar thermal power and 9,020 MW from solar photovoltaic cells.