Egypt advances plans to secure petroleum supplies and boost clean energy to 45% by 2028

“Egypt’s finance ministry has guaranteed the availability of necessary financial allocations to secure petroleum products and ensure the stability of the national electricity grid, Cabinet Spokesperson Mohamed El-Homosany said on Sunday. The confirmation of funding, aimed at meeting domestic and industrial electricity needs, was detailed during discussions led by Prime Minister Mostafa Madbouly with the ministers of electricity, finance, and petroleum regarding the state’s energy requirements. Finance Minister Ahmed Kouchouk confirmed the required funding is available in accordance with agreements made with the relevant ministries. He stated that the finance ministry is working to increase investments in the energy sector to support the Egyptian economy and is committed to backing efforts to achieve more sustainable energy security. Securing petroleum and natural gas supplies for citizens is a top priority, Minister of Petroleum and Mineral Resources Karim Badawi said. He noted that the ministry is working with partners to accelerate local exploration and production, and to expedite placing new discoveries on the production map. Badawi added that the ministry is integrating the development of the petroleum transmission pipeline network with plans to meet product needs over the next five years. This integration, along with plans to upgrade oil refineries, aims to reduce the country’s import bill and ensure the network’s readiness. In a move to reduce reliance on traditional fossil fuels, Minister of Electricity and Renewable Energy Mahmoud Esmat presented a preliminary proposal for an initiative to encourage factories to install solar cell systems for internal electricity generation. The initiative, currently under study prior to its launch in cooperation with other state bodies, aims to diversify energy sources and ease loads on the unified power grid. Esmat also outlined the latest developments in the government’s plan to increase clean energy’s contribution to 45% of the energy mix by 2028. He reviewed the executive status of renewable energy projects for the next two years and future project plans up to 2040. Concluding the discussions, Madbouly directed continuous coordination among the three ministries to permanently guarantee financial allocations for fuel provision. He also ordered accelerated steps to introduce additional clean energy capacities and to secure their necessary funding to stabilise the national grid. The post Egypt advances plans to secure petroleum supplies and boost clean energy to 45% by 2028 first appeared on Dailynewsegypt .

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