Egypt invests $1.5bn to improve energy efficiency in petroleum projects

Egypt announced on Monday that it will invest US$1.5 billion in clean energy projects to reduce carbon dioxide emissions. 

The Egyptian Ministry of Petroleum and Mineral Resources said in a statement that the investment came within the framework of the Fourth Program for Rationalizing and Improving Energy Efficiency within the Petroleum Sector Development and Modernization Project.

Energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies which has saved US$ 43 million annually. 

The ministry also noted that five energy efficiency technical reviews are being carried out  in collaboration with the European Union and other major global oil companies. 

Having recently joined the Global Methane Pledge Initiative, Egypt is carrying out assessments and measurements of methane emissions at seven sites in collaboration with the European Bank for Reconstruction and Development, 

The ministry is currently studying a plan to establish a center that aims to improve energy efficiency and operational performance in order to make use of the best global practices in this regard.