Minister of Petroleum and Mineral Resources Tarek El Molla held two meetings with Chevron and Petronas leaders on the sidelines of his participation in the activities of the World Economic Forum currently being held in Davos.

El Molla received a delegation from Chevron, which included the company’s vice presidents for business development, refining, exploration and production, where they reviewed the company’s activities in the fields of research and exploration for gas and oil in Egypt, where Chevron works in concession areas in the Mediterranean and Red Seas.

The minister highlighted the attractive investment opportunities to expand Chevron’s activities in the field of oil and gas in Egypt, especially since the regional cooperation in the East Mediterranean Gas Forum (EMGF) organization provides distinguished opportunities for international companies interested in working in that region.

El Molla also met with Petronas Group CEO, Tengku Muhammad Taufik, where they discussed joint investments in the petroleum sector. The Malaysian company has been operating in Egypt for more than 20 years through its partnership with the petroleum sector and Shell in the Burullus gas fields in the deep western part of the Delta. This is in addition to Idku’s liquefaction and export of natural gas as well as its recent investments in the field of marketing and production of high-quality motor oils.

The meeting emphasized the current opportunities to increase Petronas’ investments in Egypt during that period, which is witnessing a rise in international oil and gas prices which attracts more investments. During the meeting, they also discussed the implementation of the tenth phase for the development of the deep West Delta fields.