Egypt is positioning itself to become a major player in the fossil fuel sector with ambitious new projects and investments. The country is planning a $7 billion petrochemical complex in New Alamein City and several major oil and gas auctions to revive its struggling energy sector. Egypt is a significant fossil fuel producer in Africa, ranking as the second-largest non-OPEC producer of liquid fuels after Angola and the second-largest natural gas producer after Algeria. However, declining output from the Zohr gas field and exploration setbacks have raised concerns about the future of Egypt's gas production.

The $7 billion petrochemical facility is a key part of Egypt’s strategy to strengthen its oil and gas industry. In February, Egypt signed an agreement with the U.K.-based Shard Capital and Saudi Arabia’s Al-Qahtani Group to construct the complex, with support from the UAE's Royal Strategic Partners. The facility is expected to produce 3.1 million tonnes of petrochemicals annually, which could significantly enhance Egypt’s production and export capabilities. This project reflects Egypt's aim to boost foreign investment and improve its standing in the global energy market.

Egypt’s Petroleum Minister, Karim Badawi, emphasized that advanced technologies will be used in the facility to minimize environmental impact and maximize the value of natural resources. The project is expected to deepen economic ties between Egypt, Gulf nations, and the U.K., reinforcing Egypt's role as a key energy hub in the region. Despite past financial setbacks, Egypt’s new energy strategy signals a determined effort to revitalize its oil and gas sector and secure future economic growth.