Egypt intends to develop six oil refineries with total investments of more than $4 billion, according to petroleum and mineral resources minister Karim Badawi.

The projects will boost domestic production, increase added value and reduce the country’s fuel import bill, a cabinet statement said, quoting the minister.

The plans were disclosed during his meeting with officials of the International Finance Corporation (IFC), a member of the World Bank Group. 

Discussions included potential cooperation in providing financing to accelerate the utilisation of Egypt’s refining infrastructure.

This month, IFC’s Cheick Oumar Sylla said the global development institution plans to invest $1.2 billion in Egypt in 2025-26, an increase of nearly 10 percent from last year.

IFC’s total investment in Egypt has reached $6.5 billion over the past seven years, he told a local newspaper.

Last month, Badawi said the government was preparing to unveil a new package of incentives to encourage oil companies to intensify operations in the country.

The country has already approved a plan to drill 100 new exploratory oil and gas wells during 2026 as part of a five-year investment plan.

Egypt’s prime minister Mostafa Madbouly has said that the payment of nearly $5 billion in dues to foreign oil companies would stimulate their work.

In March 2025, Egypt’s civil aviation ministry partnered with the IFC to introduce public-private partnerships at 11 airports. 

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