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Egypt reduces 2040 renewable energy target to 40%, prioritises natural gas

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Petroleum Minister Karim Badawi announced on Sunday that Egypt had reduced its 2040 renewable energy target down from a previous goal of 58% to 40%, highlighting the fact that natural gas will continue to play a significant role in the nation’s energy mix for years to come.

Egypt promised to increase the percentage of renewable energy output in its energy mix to 42% by 2035 before hosting the COP27 climate meeting in 2022.

Later, the aim was advanced to 2030. Mohamed Shaker, the then-minister of electricity, unveiled a bold proposal in June 2024 to increase this to 58% by 2040; however, that goal has since been abandoned.

“This is a message to all of us to work together to increase discoveries and attract more investments through the bids being offered for exploration, aiming to achieve discoveries in the region, which holds more wealth, particularly natural gas,” Badawi said in the opening session of the Mediterranean Energy Conference 2024.

Egypt’s persistent dependence on fossil fuels coincides with efforts to regain the confidence of international oil companies, whose domestic activities ceased due to a shortage of hard currency that put the nation in debt to the tune of billions of dollars.

Since entering office in July, Badawi has met with many foreign energy corporations, such as Eni of Italy, which intends to increase production in Egypt’s largest gas field, Zohr, by digging additional wells in early 2025.

At its peak of 3.2 billion cubic feet per day (bcf/d) in 2019, Zohr’s gas output allowed the nation to turn a profit.

However, by early 2024, output had dropped to 1.9 bcf/d, forcing Egypt to import more gas through a pipeline connecting it to Israel and more LNG to avoid a months-long load-shedding program.

Additionally, Egypt imports fuel oil that contains sulphur; in September, imports reached a record-breaking 255,000 barrels per day (bpd), the highest level since at least 2016.

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Nigeria’s Dangote Refinery exports first fuel to Cameroon

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The Dangote Refinery in Nigeria said on Wednesday that it had exported its first petrol to Cameroon, marking a significant milestone that may help stabilise gasoline costs throughout the region and open the door for regional energy integration.

When fully operational, Nigerian billionaire Aliko Dangote’s 650,000-barrel refinery in Lagos is intended to alter the trade of refined products in the Atlantic basin and compete with refineries in Europe.

According to a statement by Neptune Oil, an energy company based in Cameroon, both businesses were looking into new projects to create a dependable supply chain that would assist in stabilising fuel costs and opportunities throughout the area.

According to Neptune Oil, there were no middlemen involved in the petrol delivery deal.

It is anticipated that the refinery’s operations will spur growth in the upstream, midstream, and downstream sectors, increasing investments in cement manufacture, plastic and rubber production, chemical and pharmaceutical goods, and oil refining.

 

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Egypt’s November inflation drops to 25.5%, near 2-year low

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According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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