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Egypt saves $42 million in a year through energy efficiency measures in the petroleum sector
The country is also investing $1.5 billion for scaling up energy efficiency in the Suez Oil Processing Company and Egyptian Natural Gas Company.
Energy costs are estimated to account for 40% of the total expenses of a business, and simple steps such as maintenance can lead to savings. According to the US Department of Energy, measures for energy efficiency can also save 25% on utility bills for an average household. For the oil and gas sector, achieving energy efficiency can also result in higher corporate social responsibility credentials, in addition to cost savings.
Measures to improve energy efficiency in Egypt’s petroleum and mineral resources sector have helped the country save almost $42 million in a year. Solutions to cut down energy consumption were adopted at worksites and headquarters of 31 petroleum firms. The Egyptian Petroleum Ministry also announced investments of $1.5 billion, to raise energy efficiency and reduce emissions at the Suez Oil Processing Company and the Egyptian Natural Gas Company.
The European Union and the Japan International Cooperation Agency are also cooperating with the government for five technical reviews for energy efficiency in Egypt. The aim is to facilitate more investment projects for scaling up energy efficiency in the country. This achievement comes after Egypt joined the Global Methane Pledge Energy Pathway, to reduce methane emissions in the petroleum industry.
Egypt’s Petroleum Ministry is also considering plans to create a center for improving energy efficiency and operational performance. Firms from Egypt’s petroleum sector have also signed agreements to benefit from the best practices for energy efficiency followed in India, Japan, and Thailand.
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