USD 4.5 Billion Refinery Programme Targets Lower Fuel Imports

Refinery upgrades worth USD 4.5 billion form the centrepiece of Egypt's 2026/27 energy plan, with the government aiming to increase domestic fuel production, reduce reliance on petroleum imports and strengthen the country's position as a regional energy hub.

The investment priorities were reviewed during a meeting between Minister of Petroleum and Mineral Resources Karim Badawi and Minister of Planning and Economic Development Ahmed Rostom, according to the Ministry of Petroleum and Mineral Resources. Discussions focused on increasing oil and natural gas production, attracting new investment, reducing the petroleum import bill and expanding local value-added industries while meeting domestic energy demand.

The ministry's plan also includes receiving natural gas from Cyprus for re-export to international markets through Egypt. Rostom said regular payments of dues to foreign petroleum partners have encouraged fresh exploration and production investment by international companies and private-sector investors. He also highlighted the importance of energy security amid ongoing geopolitical tensions, describing the petroleum sector as a key pillar of economic activity and national security.

The plans come as Egypt's petroleum sector shows signs of recovery. According to Rostom, the sector recorded 0.7% growth during the third quarter of fiscal year 2025/26—its first positive growth rate since the first quarter of 2023/24—driven by higher domestic production of crude oil, condensates and liquefied petroleum gas (LPG).