Minister of Petroleum and Mineral Resources, Tarek El Molla, has witnessed via video conference the founding assembly of Petronas Misr for Lubricant Oil, a joint entity between Misr Petroleum Company and Malaysian Petronas company, a press release reported.

About the partnership between both entities, El Molla affirmed it will “boost” the lubricant oil industry and will positively reflect on the Egyptian economy, as Petronas Misr company will support the plan of the petroleum sector to diversify and enhance the lubricants market in Egypt through providing new high-standard products.

Meanwhile, the Chairman of Misr Petroleum, Mohamed Shaaban, said that the new company is a great addition to both entities as well as to the consumers in the Egyptian and African markets.

According to Shaaban, Misr Petroleum will provide several infrastructure, logistical and marketing capabilities, and distribution networks in order to support the new partnership goals.

On the other side, Giuseppe D’Arrigo, Petronas CEO, underlined the growing interest of his company to cooperate with the Egyptian petroleum sector as a core to boost its investments in the MENA region, especially in the light of the successes achieved by the oil sector in Egypt.

D’Arrigo elaborated that the main target of this project is to merge the new technologies, potentials and expertise of Petronas with the distinguished expertise of Misr Petroleum to market new and high-standard products.