The Minister of Petroleum and Mineral Resources Tarek El Molla highlighted some of the sector’s success stories that helped in improving the national economy and meeting the country’s energy needs during the past few years.

El Molla’s remarks came during his speech in the Akhbar Al Yom economic conference under the slogan “$100 Billion Exports… The Dream is Possible”.

Despite the pandemic, the sector contributed 24% to the Gross Domestic Product (GDP) during the fiscal year 2019/2020. For the first time in years, the oil Balance of Payments runs a surplus of EGP 9.9 billion during 2018/2019.

Furthermore, Egypt established itself as the most growing liquefied natural gas (LNG) exporter in the Arab world during the Q3 of 2021.

The minister then pointed out the unprecedented results of the national project to expand the use of natural gas in homes and as fuel for cars, highlighting that the government connected 1.2 million households to the national gas grid in the last three years.

He added that the the petroleum sector’s adoption of programs and initiatives to expand the use of natural gas in homes and cars supports the trend of switching to low-carbon energy systems and reducing emissions. Meanwhile, the sector also launches other projects to improve energy efficiency and accelerate decarbonization. Most importantly, it participates in preparing the national strategy for the use of hydrogen.

With a clear vision and an ambitious action plan, the sector strives to increase its contribution to the country’s GDP as well as maximizing the direct and indirect investments, noted El Molla.