Egypt has succeeded in securing $16.7 billion worth of investment commitments from foreign partners over the next five years, signalling a strong recovery in its upstream industry and renewed confidence from International Oil Companies (IOCs), according to Karim Badawi, Minister of Petroleum and Mineral Resources. This came during the ninth edition of Al-Ahram's Energy Conference, where he gave the breakdown of the figure, noting that Italy's energy giant Eni will invest $8 bn, the UK-based bp will inject $5 bn, and the remaining $3.7 billion will be provided by ARCIUS Energy (a joint venture between bp and ADNOC's subsidiary XRG). The minister boasted the fact that the petroleum sector has shifted from a period of decline to a phase of stability, with natural gas production increasing gradually for the first time in four years, and the crude oil output is projected to achieve self-sufficiency within five years. Badawi also noted the ministry's plans to to reduce reliance on fossil fuels and boost investment opportunities in green energy projects, including Sustainable Aviation Fuel (SAF), green ammonia, and bioethanol. He also pointed to the implementation of 117 renewable energy projects at petroleum work sites and measures to improve energy efficiency by 8%, contributing to a reduction of approximately 1.4 million tons of carbon emissions.
