French investments in Egypt’s oil and gas sector are growing, according to the Minister of Petroleum and Mineral Resources, Tarek El Molla, Egypt Oil & Gas reports.

The minister specifically highlighted the investments of Total and Engie while discussing current investment and cooperation opportunities in the oil and gas sector with the Minister Counselor for French Economic Affairs and Head of the French Economic Department for the Middle East, Jaques de Lajugie, and the French Ambassador to Egypt, Stephane Romatet.

El Molla noted the deep economic ties between the two countries, saying that France is one of the most important investors in Egypt.

De Lajugie affirmed the importance of France’s economic relationship with Egypt. Noting the constructive nature of cooperation between the two counties, he indicated that Egypt and France are looking to sign new contracts and memoranda of understanding (MoU).