A press release to Egypt Oil&Gas stated that Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, met with China Development Bank (CDB)’s CEO and his accompanying delegation to discuss the possibility of offering facilities to finance petroleum projects in Egypt.

The meeting was attended by First Undersecretaries of the Ministry of Petroleum, the Egyptian General Petroleum Corporation (EGPC)’s CEO, Abed Ezz El Regal, and his two Assistants: Economic and Financial Affairs Assistant, and Planning and Projects Assistant.

During the meeting, El Molla pointed out that Egypt is keen to strengthen economic relations with China, especially in the oil and gas industry.

Meanwhile, CDB’s CEO said that reinforcing the economic relations with Egypt, especially in petroleum sector, is at the top of the Chinese bank’s agenda.

Moreover, the Chinese delegation mentioned that the bank is willing to support the fruitful cooperation with Egypt and finance oil and gas projects. This willingness is motivated by the high economic feasibility of petroleum projects and the successful models of Chinese investments in the Egyptian oil and gas industry as part of the Chinese plan to invest in promising markets.