State-owned Japan Bank for International Cooperation (JBIC) said it had signed a memorandum of understanding with Egyptian General Petroleum and Egyptian Natural Gas Holding aimed at increasing Japanese business opportunities in the North African country’s oil and gas sector.
The agreement will go towards facilitating future co-operation between the two Egyptian state-owned energy companies and Japanese companies, JIC said in a statement.
JBIC said it sees strong opportunities for Japanese companies as Egypt has been seeking foreign investments to increase its oil and natural gas output.
Several Japanese companies including Inpex Holdings and Sojitz have already invested in exploration blocks and existing oilfields in Egypt.
“There have been talks on new projects between Japanese companies and Egypt, which led to this MOU,” a JBIC official said without naming the companies involved, Dow Jones reported.