Know more about Egypt’s rehabilitation plan of petroleum and mineral wealth sector

CAIRO – 8 August 2022: The Egyptian petroleum and mineral wealth sector is a major driver of comprehensive development, represents the backbone of the country's national development plans and programs, and plays a vital and strategic role in meeting the needs of the local market.

Therefore, the development and management of primary energy resources is one of the most important pillars of sustainable development in Egypt.

Building on this point of view, the government affirmed the keenness of the economic and social development plan to achieve optimal economic exploitation of natural resources through intensifying mineral and petrochemical projects, as well as raising and developing the efficiency of existing refineries, modernizing production units and their work systems, in addition to expanding the activities of delivering natural gas to homes and factories.

In this regard, the investments directed by the government to develop the mineral wealth sector amounted to 49.5 billion pounds during 2022/2023, to be divided into (17.6 billion pounds) for oil refining activity, and (31.9 billion pounds) for extractive activities, with a rate of 3.5% of the total Investments, according to the document of the economic and social development plan submitted by the Minister of Planning, Dr. Hala Al-Saeed, and approved by both houses of the Parliament.

The private sector holds the largest share, the private sector’s investments about (70 percent), while the public sector holds the rest (30 percent), which is divided between the investments of each of the economic bodies (7.2 billion) and public companies (7.8 billion).

The development plan highlighted the targeted projects during the new year in the petroleum and mineral resources sectors, on the agenda of the ministry’s general office and its affiliated bodies.

The ministry’s plan projects include replacing and renewing about 15 strategic petroleum reservoirs throughout the republic, and establishing a network of fixed fuel pipelines east of the canal.

The Egyptian General Petroleum Corporation will put on its plan during the new year, projects to renew gas pressure treatment units, replace and renew industrial security and environmental protection systems, replace, renew and rehabilitate the national network of gas lines.