IOCs to Increase Mining Investments in Egypt

IOCs to Increase Mining Investments in Egypt

Tarek El Molla, Minister of Petroleum and Mineral Resources, met Jeremy Cozier, British Principal Verve International President, and Brian Rudd, Capital Drilling’s CEO, to discuss investment opportunities in Egypt, according to a press release.

During the meeting, the minister reviewed the new advantages and investment opportunities available in Egypt, especially after amending the Mineral Resources Act. Additionally, El Molla tackled the ministry’s plan to develop and modernize the mining sector.

Furthermore, El Molla discussed the geological advantages of Egypt, as well as the strong infrastructure of its mines. Also, the minister stressed that the Ministry of Petroleum is working on attracting more investments to the mining sector.

The two companies’ presidents showed their interest to invest in the Exploration and Production (E&P) of gold in Egypt, especially in light of the current political and economic stability and the development plans of the Ministry of Petroleum.

The meeting was attended by Osama Farouk, the Egyptian Mineral Resources Authority (EMRA) Head, and Fekry Youssef, Undersecretary of the Ministry of Petroleum for Mining.


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