Minister of Petroleum and Mineral Resources, Karim Badawi, held a meeting with Mathios Rigas, CEO of the Greek company Energean, at the Ministry’s headquarters in New Alamein City. During the meeting, both sides discussed ways to support and enhance joint cooperation in the oil and gas industry. They focused on expanding the application of Carbon Capture and Storage (CCS) technologies, leveraging the Greek company’s expertise and the alignment between Egypt and Greece in adopting environmental sustainability solutions and reducing carbon emissions.

Badawi affirmed that Egyptian-Greek relations are witnessing growing strategic cooperation, especially in the energy sector. He highlighted that Egypt has successfully overcome significant challenges in the energy sector despite geopolitical conditions. It is rapidly increasing exploration and production activities and implementing a series of incentives to encourage international companies to inject more investments.

Badawi further explained that the state has given great attention to developing the natural gas sector’s infrastructure. This includes diversifying energy sources and providing floating storage regasification units (FSRU), which ensures the security of local market needs and those of various economic sectors.

For his part, Rigas expressed his appreciation for Egypt’s stable political and economic climate, which he noted ‘makes it a strategic and attractive country for investment’ in the energy sector. He also conveyed his satisfaction with the ongoing cooperation in the company’s natural gas concession areas in the Mediterranean. Rigas further indicated Energean’s interest in expanding partnership areas with Egypt, particularly in CCS projects and in the production of fertilizers.

The meeting was attended by Nicolas Kacharov, the company’s Country Manager for Egypt, and Waleed Abdallah, Governmental Affairs and security Manager at Energean.

Energean Egypt maintains and operates a full-cycle production, development, and exploration portfolio. The company’s production is derived from the 100% owned and operated Abu Qir concession. It is conducting development work at the 100% owned and operated North East Almreya and North Idku concessions, and exploration work at the East Bir El Nus onshore concession with a 50% interest, along with the North East Hap’y offshore concession, with a 30% interest.