Tarek El Molla, Minister of Petroleum and Mineral Resources, discussed methods to increase cooperation in the petroleum sector between Egypt and the US with Stuart Jones, President for Regions and Corporate Affairs at Bechtel Corporation, and Jonathan Cohen, the US Ambassador to Egypt, according to a statement.
During the meeting, the parties reviewed the latest developments of the $7 billion Red Sea Petrochemical Complex in the Suez Canal Economic Zone (SCZone). The project is expected to commence soon based on the proposed work plan and will be in light of the principle agreement signed with Bechtel and the results of the feasibility studies.
The minister stated that the project aligns with the ministry’s strategy to expand projects in the petrochemical industry and increase the production capacity to meet the local and international demand.
Additionally, El Molla added that Bechtel’s involvement with the East Mediterranean Gas Forum (EMGF) as one of the Gas Industry Advisory Committee (GIAC) members highlights the value of the committee and its role in the natural gas activity in the region. He continued that GIAC provides an opportunity to define common goals as well as creating a balanced climate for investments for the entire region.
On the US side, Cohen expressed the US’s interest in boosting its companies’ investments in the oil, gas, and petrochemicals fields in Egypt while Jones noted that Egypt has succeeded in providing an attractive climate for international companies especially after the establishment of the EMGF.