If someone were to give you a million pounds, you would probably create some sort of budget plan so that you couldn’t blow it all at once. The same concept applies if the amount of money was 2,10, or 50 million pounds. What we mean to say, is that you’ll never have enough money to reach self-sufficiency because, at one point or another, you will run out or need more. However, Egypt is currently battling these unfavourable odds and building its way to reach a status of self-sufficiency of fuel and petroleum products in 4 years.
We were enlightened to this crucial piece of news when we came across articles by Sada El Balad English and Egypt Independent. Citing the Minister of Petroleum and Mineral Resources, Tarek al-Mulla, during his speech at the annual international conference of the Future House in Lebanon under the theme, “Middle East Energy and Geopolitics Forum”, which was inaugurated by former Lebanese President, Amine Gemayel. Al-Mulla talked about how the oil and gas sector was one of the main paths on the road map leading to Egypt’s reform vision and stated, “Current ongoing projects aim to reduce the import of petrochemical products and increase self-sufficiency from local products.” He added, “The current global trend towards new and renewable energy will lead to a surplus in fossil fuels, leading to a greater focus on the petrochemical industry.”
What actions are being taken to achieve this ambitious milestone? Al-Mulla explained that efforts are implemented to shift Egypt’s focus toward value-added industries through the development of the refining system and boosting petrochemical industries, including new expansions in the Egyptian refinery sector by 2022-23. He also mentioned that there is global interest from investors in the petrochemical industry in Egypt, stimulating the industry to grow. He highlighted the fact that Egypt’s reputation as a regional energy hub will help the country maintain the advanced infrastructure in the field of liquidation and export of natural gas.
Speaking of natural gas, did you know that in 2018, Egypt transformed its status from a gas importer to a self-sufficient nation? Not only that, they also fulfilled the export commitments and expansions of exploration activities in Egypt by international companies. These unprecedented results, and so many more, are the cumulative effect of four years of strenuous effort.