ADNOC to Pump More Investments into Egypt’s Petroleum Sector

ADNOC to Pump More Investments into Egypt’s Petroleum Sector

On the sidelines of his participation in the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC 2022), Minister of Petroleum and Mineral Resources Tarek El Molla held talks with Sultan Al Jaber, Minister of Industry and Advanced Technology in the United Arab Emirates (UAE) and CEO of Abu Dhabi National Oil Company (ADNOC) and its group of companies, the ministry said in a statement.

The meeting reviewed opportunities for cooperation between the petroleum sector and the UAE company ADNOC.
During the meeting, El Molla highlighted the strength of the distinguished economic relations and the strategic partnership between Egypt and the UAE and the remarkable development they are witnessing in light of the direction of the political leadership in the two countries. He praised the interest of Emirati companies in pumping massive investments into the Egyptian market, especially in vital sectors such as oil and gas. ADNOC’s commitment to increase investments in Egypt’s petroleum sector, especially in the fields of research, production, distribution and marketing of petroleum products, was also welcomed by El Molla.

For his part, Al Jaber pointed to the priority given by ADNOC to pump more investments in the Egyptian petroleum sector, which includes the company’s entry into the field of distribution and marketing of petroleum products, highlighting ADNOC’s desire to strengthen its presence in the field of research, exploration and production of oil and gas through partnerships with major international oil companies operating in Egypt.

The meeting reviewed the participation of the Ministry of Petroleum and Mineral Resources in the official events of the COP27 climate conference by organizing the day on the reduction of carbon emissions, which is organized within the conference agenda for the first time throughout the previous annual conferences. Additionally, the two leaders discussed the importance of cooperation to build on the outcomes and gains of the conference, in light of the UAE’s hosting of the next COP28 session in 2023. It was also agreed to hold a joint meeting during Al-Jaber’s visit to Egypt to attend the conference activities.

Meanwhile, Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, visited the pavilions of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2022) and he was welcomed by El Molla.

During his visit to the exhibition, Sheikh Mohamed bin Zayed was keen to meet with a number of ministers and leaders of the energy sector, guests of ADIPEC, and exchanged conversations with them about geopolitical developments and their repercussions on the global energy scene, joint efforts and proposed solutions to ensure its security and the sustainability of its supplies.

Sarah Samir 2901 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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