Arab Finance: Egypt's crude oil production has recorded its highest level in nearly two years, Minister of Petroleum and Mineral Resources Karim Badawi announced during his visit to refinery efficiency enhancement projects at Alexandria Petroleum Company.

The milestone reflects the success of the ministry's strategy to attract investment and boost domestic production following the settlement of outstanding dues to international oil companies (IOCs). This step also encouraged energy partners to accelerate investment, expand exploration activities, and increase field development and production.

Badawi said the rise in crude oil and condensate production, coupled with higher volumes of domestic and imported crude processed by Egyptian refineries, has strengthened the country's refining sector in 2026.

Refinery utilization rates climbed to nearly 80% this year, improving the availability of petroleum products in the local market, reducing imports, and supporting higher exports of products in which Egypt has a surplus.

In the first half (H1) of 2026, petroleum product exports exceeded 2.3 million tons, matching the country's total exports for the whole of 2025. Exports are projected to reach 2.5 million tons in H2 2026.

Petroleum product exports, including jet fuel, naphtha, waxes, and vacuum distillate, were valued at $2.3 billion during the period from January to June 2026.

During his tour, the minister also reviewed the results of refinery optimization programs implemented under the supervision of the Egyptian General Petroleum Corporation (EGPC).

The Cairo Oil Refining Company (CORC) complex in Mostorod increased its monthly output to 45,000 more tons of gasoline and 40,000 more tons of jet fuel. Likewise, Amreya Petroleum Refining Company (APRC) boosted its production of 92-octane gasoline by 10,000 to 15,000 tons per month.

Meanwhile, the Alexandria National Refining and Petrochemicals Company (ANRPC) is operating at over 110% of design capacity.

Badawi added that the ministry is moving forward with a new package of refinery development projects with investments estimated at $4.5 billion to support energy security, cut the import bill, and enhance the competitiveness of Egyptian exports.

In June, Badawi highlighted the EGPC’s efforts, which contributed to increasing crude oil production after a period of decline, bringing Egypt's total production to more than 540,000 barrels per day (bpd).