Karim Badawi, Minister of Petroleum and Mineral Resources, and Mohamed Farid, Minister of Investment and Foreign Trade, have agreed to establish a joint committee aimed at enhancing financing opportunities for petroleum sector projects, attracting international partnerships, and strengthening cooperation with global financial institutions.

The agreement was reached during a meeting between the two ministers, as part of ongoing efforts to promote economic development and implement the state’s strategic vision.

The newly formed 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. It will be responsible for evaluating petroleum projects, exploring collaboration opportunities with international financing institutions, and securing the necessary funding and investment partnerships. The committee will also convene regularly to monitor progress and support investment attraction efforts.

During the meeting, both ministers reviewed mechanisms to increase domestic and foreign investments in the petroleum sector and ensure adequate financing for strategic projects, in line with Egypt’s plans to enhance the investment climate and expand private sector participation.

Badawi emphasized that achieving the sector’s strategic objectives depends on strengthening cooperation across government entities and activating investment partnerships to support project implementation. He also highlighted the role of the Ministry of Investment in fostering a competitive investment environment that enhances the sector’s attractiveness.

For his part, Farid underscored the importance of the petroleum sector as a key pillar of the Egyptian economy and a major driver for attracting investments. He affirmed the ministry’s commitment to enhancing the sector’s competitiveness and providing the necessary support to boost its ability to attract financing, noting the strong technical expertise and international partnerships held by Egyptian petroleum companies.

The meeting also reviewed the petroleum sector’s strategic framework, which focuses on implementing high-value projects to reduce imports of petroleum products and maximize added value from available resources. The refining sector, in particular, includes a portfolio of projects to expand production capacities with investments estimated at $4.5 billion.

Additionally, discussions covered investment opportunities in exploration, research, and production activities, alongside efforts to attract new investors and expand exploration operations. The ministers also highlighted the capabilities of Egyptian petroleum companies, especially engineering and construction firms such as ENPPI and PETROJET, and their successful track record in executing projects domestically and internationally, positioning them for further regional and global expansion.

As part of its efforts to attract more foreign investment, Egypt’s petroleum sector continues to position itself as a key destination for international investors. Previously, the country secured investment commitments exceeding $19 billion from international oil companies (IOCs) over the next three years, according to Prime Minister Mostafa Madbouly during the cabinet’s weekly meeting in May.