Minister of Petroleum Tarek El Molla met with UK trade representative Sir Jeffrey Donaldson and British Ambassador John Casson to discuss ways of boosting cooperation in the oil and gas sector, Egypt Oil & Gas reports.
British companies have contributed to the implementation of a number of Egyptian gas projects in the Mediterranean Sea, the press release stated. It added that there are promising investment opportunities in the oil and gas exploration for British companies and that some bids have already been put forward.
During the meeting, El Molla said that the efforts have created an attractive climate for investment in the oil and gas industry, and that the Egyptian-British trade relations in the sector are longstanding thanks to a number of joint projects.
Donaldson said that British companies have an interest in the ongoing Assuit and Suez refining projects, and lauded the recent boom in Egypt’s petroleum sector. He stated that the Egyptian economic reform program has reshaped the investment map for the sector.
The Egyptian government has sought to improve the country’s investment environment in recent years by making it easier for foreign companies to invest. The changes have encouraged British companies to invest in Egypt, the statement added.
Donaldson invited El Molla to attend the World Oil & Gas Week conference, to be held in London in December.