Egypt has saved an estimated $3.6 billion in fuel import costs during the 2024/2025 fiscal year, driven by increased domestic energy production, according to Minister of Petroleum and Mineral Resources Karim Badawi over the weekend.

The announcement came during a high-level meeting at the headquarters of the Egyptian Natural Gas Company (GASCO), where Badawi met with senior officials from the petroleum and mineral resources sector as well as heads of energy companies. The session focused on evaluating recent achievements, aligning on future goals, and overcoming challenges to enhance production and maximize the use of natural resources.

Badawi attributed the savings to a surge in domestic fuel output, which he said has been supported by the ministry’s strategic initiatives. These include offering attractive investment incentives to partners and ensuring the timely payment of their dues — measures that have reversed the downward trend in gas production caused by a slowdown in investment. He noted that the sector is now witnessing stabilized output levels and is on track for gradual growth.

The minister praised the efforts of field teams and energy sector leaders for their dedication, particularly those working in oilfields and production sites across the country.

He also pointed to significant progress in preparing infrastructure for liquefied natural gas (LNG) imports. Egypt now operates a regasification fleet with a daily capacity of 2.25 billion cubic feet, manned by 1,500 workers from various sectors. This system, Badawi emphasized, ensures consistent gas supply and shields the country from potential disruptions.

Turning to petrochemicals, Badawi highlighted ongoing and upcoming projects under the Egyptian Petrochemicals Holding Company. He noted that these initiatives promise both economic and environmental benefits and will help further diversify the country’s energy portfolio.

In the mining sector, Badawi announced plans to restructure the Mineral Resources Authority into an economic body, aiming to raise the sector's contribution to Egypt's GDP from under 1% to 6% within the next three years.

To close the meeting, Badawi called on all stakeholders to enhance performance standards, coordinate closely with relevant authorities, and conduct thorough safety reviews across administrative and operational sites. He stressed the importance of ensuring that safety protocols are strictly enforced, particularly by contractors operating in the sector.