Egypt

h-e-tarek-el-molla-minister-of-petroleum-and-mineral-resources

H.E Tarek El Molla

Minister of Petroleum and Mineral Resources

Arab Republic of Egypt

Location Description

The Arab Republic of Egypt is located in North Africa, with Sinai Peninsula forming a land bridge to Asia. Egypt is thus a transcontinental country, and having ties with the African countries, the Mediterranean region, the Arab and the Islamic world. Covering an area of about 1,000,000 square kilometers.

Geographical Information

Egypt is bordered by the Mediterranean Sea to the north, the Gaza Strip and Israel to the northeast, the Red Sea to the east, Sudan to the south and Libya to the west.

General Information (Capital, Language, Religion, Currency,...etc.)

Egypt’s population is estimated around 100 million people, living near the banks of the Nile River, in an area of about 40,000 Sq. km where the arable land is found, the capital is Cairo.

Official Language: Arabic

Religion: The country is majority Sunni Muslim (estimated to be 85-95% of the population), with the next largest religious group being Coptic Orthodox Christians (with estimates ranging from 5-15%).

Currency: Egyptian pound

Political Regime

The Arab Republic of Egypt is a sovereign, united, indivisible State, where no part may be given up, having a democratic republican system that is based on citizenship and rule of law.

The President of the Republic is the head of State and the head of executive power. The political system is based on political and partisan pluralism, peaceful rotation of power, separation and balance of powers, the inevitable correlation between powers and responsibilities, and respect for human rights and freedoms, as stated in the Constitution.

The three main branches of the government as stated in the Egyptian Constitution are (1) the executive branch, (2) the legislative branch, and (3) the judicial branch.

Brief on the Economy

The economy of Egypt is one of the most developed and diversified in the Middle East, following 2011 revolution, Egypt implemented a series of reforms, the results of which are apparent across key macroeconomic indicators. GDP growth rose from 5.3% in FY 2017/18 to 5.6% in FY 2018/19, and unemployment fell to 7.5%.

Even after the pandemic Egypt was able to accomplish positive GDP growth in 2020 and one of the few countries worldwide not set to enter recession. While the full impact of the pandemic remains to be seen, the country has moved to mitigate the worst effects by boosting government investment, and supporting small businesses and strategic industries that were adversely affected by the crisis

Brief on the Energy Sector

Egypt has an advanced energy industry based on oil, natural gas, and hydropower. Oil and gas are produced in the western desert regions, the Gulf of Suez, the Nile Delta and the Mediterranean. In addition to its role as an oil and gas exporter, Egypt has strategic importance because of its operation of the Suez Canal and Sumed (Suez-Mediterranean) Pipeline. These two routes are notable for the export of oil & gas from the Eastern to the western hemisphere and the export of LNG from the Suez Canal.

The Egyptian government is cognizant of the need for a sustainable energy mix to both address increasing demand, and to move to a more environmentally sustainable and diverse energy sector. The 2035 Integrated Sustainable Energy Strategy plays a strategic role in implementing the government’s renewable energy plans.

Egypt’s excess of natural gas more than meets its domestic demand for many years to come. The Ministry of Petroleum and Mineral Resources has established expanding local gas utilization and the Egyptian petrochemical industry as its most significant strategic objectives.

During the past few years, the oil & gas sector fought one of the strongest battles of development, and was able to transform crises and challenges into impressive success stories praised by the world.

The oil and gas sector was able to achieve very positive economic indicators for the past 6 years.

From 2014/2015 to 2021, 99 agreements were signed with international companies, with a minimum investment of about $17 billion.

Investments in the oil & gas sector from 2014/2015 to 2019/2020 reached 73.8 billion USD in the past six years.

In 2019/2020, the oil and gas sector contributed with 24% to Egypt’s GDP.

Egypt is a one of the EMGF seven Founding Members, Egypt initiated the EMGF back in 2018 as an engine for economic integration and a structured policy dialogue between producers, consumers and transit countries in the region.

Major Indicators:

Land: 1,002,450 km2 (387,050 sq mi) which makes it the 31st largest country in the world.

Population: 104,258,327

Time Zone: (GMT+2)

GDP in 2020: 361.9 Billion US Dollars

GDP per capita in 2020: $3,601

GDP growth for 2019-2020: 3.6 %

Domestic natural gas consumption for 2019-2020: 6MM m3

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