Egypt explores ways to finance local production

With an aim to boost mutual partnership between the petroleum sector and international financial institutions, Karim Badawi, Minister of Petroleum and Mineral Resources, held a meeting with a delegation from the Africa Finance Corporation (AFC), including Sameh Shenouda, CEO and chief investment officer at the corporation, and Ato Giazi, senior director of product solutions

Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC) was also present during the discourse.

The delegates explored financing opportunities for projects to advance local production, particularly in the field of oil refining, with the goal of reducing imports and bridging the gap between production and consumption of petroleum products, especially diesel.

The Minister reviewed the Ministry's strategic plan, which sets investment priorities in the areas of research, production, refining, petrochemicals, mining, and green energy. While past investments and production were reassessed, the teams evaluated plans to conduct an aerial survey of mineral deposits for the first time in 40 years, besides considering incentive packages to attract emerging mining companies.

Shenouda affirmed the Corporation’s aspiration to enhance cooperation with Egypt in the petroleum and mining sectors.

The meeting also reviewed new projects to increase local production in the refining sector, including the Suez cooking and diesel production complex project that is currently being implemented.