Egypt’s Prime Minister Highlights Progress in Gas and Energy Hub Transformation

In a press conference concluding his visit to Beheira Governorate, Egyptian Prime Minister Mostafa Madbouly expressed optimism about the country’s transformation into a regional hub for gas and energy. The event was attended by Manal Awad, Minister of Local Development and Environment, and Jacqueline Azar, Governor of Beheira.

Madbouly began by highlighting the success of the Edko International Park project, developed through collaborative efforts between Beheira Governorate, various international institutions, and civil society. This initiative has transformed a previously neglected area into a beautiful park serving the residents of Edko. He instructed the Governor to replicate this model across all cities in the governorate swiftly.

The Prime Minister also inspected the coastal international road, noting significant development efforts along the route from Port Said to Salloum, spanning over 800 kilometers. He mentioned ongoing improvements between Alexandria and Matrouh and emphasized plans to enhance capacity on this vital road from three lanes in each direction to six lanes, alongside constructing concrete barriers to separate heavy trucks from regular vehicles.

During his visit, Madbouly toured two major oil projects: Rashid Petroleum Company and Edko Liquefaction Plant. He reiterated recent announcements regarding Egypt’s success in settling debts owed to foreign companies in the oil and gas sector. These debts had reached approximately $6.1 billion by June 30, 2024, with an initial goal to resolve them by this date; however, they were settled ahead of schedule on June 10.

He noted that this achievement has received positive feedback from international entities, reflecting confidence in Egypt’s economy and government commitment to addressing financial obligations. The Prime Minister highlighted President Abdel Fattah El-Sisi’s direct involvement in monitoring these developments.

Madbouly emphasized that both Rashid Petroleum and Edko Liquefaction are significant projects involving partnerships with international firms such as Shell, Chevron, Total, and Kuwait’s KUFPEC. The resolution of outstanding payments has encouraged foreign companies to accelerate exploration activities in Egypt.

The Edko Liquefaction Plant is particularly noteworthy for its substantial infrastructure investment exceeding $10 billion. Madbouly explained that Egypt’s capabilities have positioned it as a regional gas hub, attracting neighboring countries looking for liquefaction options for their gas discoveries.

Furthermore, he discussed ongoing restoration efforts at King Farouk’s palace in Edfoona and plans to convert it into a tourist site after renovations are completed. Madbouly highlighted Rashid’s historical significance as Egypt’s second-largest city after Cairo in terms of Islamic heritage.

During his tour, he visited Rashid Central Hospital—one of Egypt’s oldest hospitals—established in 1934—and noted improvements made there. The hospital now includes modern medical services such as CT scanning technology aimed at enhancing healthcare quality for local residents.

The Prime Minister also mentioned efforts underway at Rashid Port aimed at bolstering yacht manufacturing capabilities while ensuring continued investment in this vital industry.

In terms of economic indicators, Madbouly reported an increase in foreign currency reserves surpassing $53 billion and a decrease in annual inflation rates from 13.4% to 13%. He also highlighted successful wheat procurement efforts totaling approximately 4.8 million tons from farmers this season.

He concluded by emphasizing the government’s commitment to timely payments for farmers’ wheat supplies within 48 hours as part of broader agricultural initiatives aimed at increasing production capacity through land reclamation projects across various regions.