Minister of Petroleum and Mineral Resources Tarek El Molla met the CEO of UAE’s Mubadala Petroleum, Mansour Al-Hamed to discuss cooperation opportunities and investments in Egypt.
El Molla expressed the Egyptian petroleum sector’s readiness to deepen its partnership with Mubadala which looks forward to pumping new investments in a number of petroleum fields especially natural gas as an important clean fuel.
The two parties agreed to form a joint work team and workshops during July aiming to offer and present all available opportunities for long- as well as short-term investments in addition to setting a roadmap for the joint projects.
For his part, Al Hamed affirmed that his country is committed to investing in the Egyptian petroleum sector and that Mubadala is seeking more investment opportunities, especially in natural gas. He emphasized that his company’s investment strategy focuses on hydrogen, new energies, energy transition and carbon removal.
The meeting also witnessed a presentation on the available opportunities for natural gas production in the East Mediterranean and offshore Nile Delta which needs major investments and advanced technologies. They also discussed investment opportunities in the brownfields in the Gulf of Suez and the Western Desert.