en.Wedoany.com Reported - Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, and Minister of Investment and Foreign Trade, Mohamed Farid, recently reached an agreement to establish a joint committee aimed at attracting more local and foreign investment into the petroleum sector and developing mechanisms for financing strategic projects.
The committee will include representatives from the petroleum sector, the Ministry of Investment and Foreign Trade, the General Authority for Investment and Free Zones (GAFI), and the Egyptian Commercial Service (ECS). Its primary tasks encompass reviewing petroleum sector projects, identifying financing opportunities, exploring partnerships with international institutions, and holding regular meetings to follow up on project implementation and investment promotion efforts.
During the meeting, both sides reviewed investment opportunities in oil and gas research, exploration, and production, as well as efforts to attract new investors and increase exploration activities. Discussions also covered opportunities in the refining and petrochemical sectors and ways to enhance the financial and competitive capabilities of state-owned petroleum companies.
Badawi stated that achieving the strategic goals of the petroleum sector requires enhanced coordination among national institutions, emphasizing the important role of the Ministry of Investment and Foreign Trade in creating a competitive investment environment and driving project implementation. He added that the sector is currently focused on implementing economically viable projects that help reduce imports of petroleum products and maximize the value of existing resources. According to Badawi, the refining segment includes a series of projects with a total investment estimated at $4.5 billion, aimed at boosting production capacity. Additionally, the sector is advancing several petrochemical projects with the goal of increasing value-added output while creating opportunities for local and foreign private sector participation.
Farid described the petroleum sector as a key pillar of Egypt's economy and a significant driver of investment, noting that his ministry is committed to supporting the sector's competitiveness and attracting financing for expansion projects. He added that Egypt's competitive advantages, including its strategic location, infrastructure, and investment opportunities in production and services, continue to support efforts to attract foreign direct investment. Farid also mentioned that Egypt is advancing reforms to improve the business environment, streamline administrative procedures, expand digital services, and facilitate business operations.
The meeting also highlighted the capabilities of companies in Egypt's petroleum sector, particularly engineering and contracting firms such as the Egyptian Petroleum and Process Engineering Company (Enppi) and the Petroleum Projects and Technical Consultations Company (Petrojet). These companies have a strong track record of project execution both domestically and internationally, and the meeting supported their further expansion into regional and international markets.
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