Egypt’s minister of petroleum and mineral resources Karim Badawi said on August 17 that the country was able to save around $3.6bn in fuel imports during the 2024/2025 fiscal year, thanks to an increase in domestic energy production, Business Today reports.

Badawi’s assessment came amid an important meeting at Egyptian Natural Gas Company (GASCO) headquarters, where he met with numerous counterparts from the petroleum and mineral resources sector, and energy company CEOs.

The meeting focused on discussing recent achievements, improving production, maximising the use of natural resources and aligning on future goals, according to Business Today.

Badawi continued to say that saving on imports had mainly occurred thanks to the support of the ministry’s strategic initiatives, such as improving investment incentives – which, he said, have played a role in reducing the downward trend in gas production, and have ensured the sector is now on track to grow steadily.

He also highlighted the progress achieved in preparing Egyptian infrastructure for imports of liquefied natural gas (LNG) imports – with the country now running a regasification fleet able to operate at a daily capacity of 2.25bn cubic feet. According to Bawadi, this “ensures consistent gas supply and shields the country from potential disruptions”.

During the meeting, Badawi also spoke about upcoming plans being carried out by the Egyptian Petrochemicals Holding Company (EPHC), which he is quoted as saying promised “both economic and environmental benefits and will help further diversify the country’s energy portfolio”.

He urged all stakeholders to improve performance standards and coordinate with relevant authorities – as well as conduct in-depth safety reviews at both operational and administrative sites, Business Today reported.