Minister of Petroleum and Mineral Resources Karim Badawi met with members of the Oil and Gas Committee of American Chamber of Commerce (AmCham) Egypt showcasing the Ministry of Petroleum and Mineral Resources’ (MoPMR) endeavors to  attract new investments in Egypt’s energy sector. 

The meeting was attended by Moataz Atef, Undersecretary for Technical Office and the Minister’s Office & Official Spokesperson of the Ministry. Also present were Amr Abou Eita, Head of the Committee and Chairman & Managing Director of ExxonMobil Egypt; Karim El-Dessouky, Vice President & Regional Manager for Egypt & East Med. at Bechtel Corporation; Kristian Svendsen, Country Manager – Egypt and Cyprus at Chevron; Wail Shaheen, Vice President bp Egypt; Sylvia Menassa, CEO of AmCham Egypt; and Dina Nawar, Chief Operating Officer at AmCham Egypt.

Badawi stressed the distinguished cooperation and partnership with American companies in the oil and gas sector.

Additionally, the Minister highlighted the Ministry of Petroleum and Mineral Resources’ strategy and main pillars, emphasizing support for implementing incentives for oil and gas exploration and production. He also underscored the Ministry’s commitment to creating an attractive investment climate and maximizing the utilization of Egyptian refineries and petrochemical plants.

He noted ongoing efforts to address challenges facing investors, pointing to the importance of the production incentives launched last September, which aim to encourage partnerships and reduce arrears.

Moreover, Badawi appreciated the cooperation with the AmCham and the international companies in implementing human capacity building programs in the petroleum sector, which support the state’s plans to develop the human element.

Abou Eita reviewed the committee’s objectives to support the Ministry’s modernization strategy and enhance efficiency, outlining plans to advance decarbonization efforts and increase collaboration in capacity building within the sector.

He also highlighted the outcomes of collaborative efforts to secure financing, noting the recent letter of intent from the Export–Import Bank of the United States (EXIM) to provide financing support worth $552 million.