Oil and natural gas are some of the major sources of energy in Egypt and the major drivers of development in the country. Annual consumption in 2006 reached 50.97 ton of oil equivalent (toe), while natural gas constituted 54.9% of the total consumption. As foreign investment declined, in parallel with a decline in foreign exchange reserves by half over the last three years, importing fuel laid a burden on the state’s budget. Renewable energy projects to generate electricity contribute 1% only of the total energy produced in Egypt, while hydroelectricity constitute 9% only.
Points of strength in Egypt’s energy sector
Image Source: Reuters Pictures
11 Apr 2021
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