Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, met with Toyota Tsusho’s General Manager of Energy and Infrastructure, Yoshihiro Inoue, to discuss investment opportunities in Egypt’s refining and petrochemical sectors, Egypt Oil & Gas reports.

The minister talked to Toyota’s representatives about the possibility of the company contributing to the mazut hydrocracking project at the Assiut Oil Refining Company, which is being implemented at a cost of around $1.9 billion.

The meeting’s participants also discussed the $600 million agreement signed in mid-April that will see Egypt Natural Gas Holding Company (EGAS) and Ganoub El Wadi Petroleum Holding Company (Ganope) purchase a new offshore drilling rig from Toyota.

The operation of Cairo 1 and Cairo 2 drilling rigs, which are joint-owned bt EGAS and Toyota, was also discussed.

The meeting further reviewed the operational program of the Cairo 1 and Cairo 2 drilling rigs, which are jointly owned by EGAS and Toyota, as well as means of economic operation of the rigs.

First Undersecretary for Oil Affairs, Mohamed Safaan, and head of EGAS, Osama El Bakly, also attended the meeting.