The Egyptian Ministry of Petroleum and Mineral Resources has announced plans to significantly increase petrochemical production capacity and attract investments in exploration in the amount of US$2.1 billion. This is reported by Daily News Egypt, a partner of TV BRICS.

The Egyptian specialists intend to drill 110 new exploration wells. The Egyptian Minister of Oil and Mineral Resources, Karim Badawi, presented the strategy of his department to the parliamentary committee. He stressed the need to address the growing gap between domestic consumption and production.

Egypt’s strategic location and developed infrastructure make the country a potential centre for the production of petrochemical products, the minister said. Karim Badawi stressed that the country has well-equipped storage and pipeline networks. This infrastructure, combined with ongoing cooperation efforts, aims to make Egypt a natural gas collection centre for the Eastern Mediterranean region.

The Ministry is committed to the transition to a green economy. Projects related to green ammonia, bioethanol, and environmentally friendly aviation fuel are either already being implemented or are under study. Initiatives are also planned to improve energy efficiency and reduce carbon emissions by 2.5 million metric tonnes per year by 2030.

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