The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, discussed possible oil and gas investments opportunities with a delegation from Russian state-owned energy company Zarubezhneft in the attendance of Russia’s Ambassador to Egypt, reported Al Borsa.

Zarubezhneft’s CEO explained that the company works in oil and gas exploration, as well as the development and establishment of refineries. He added that the company uses the latest Russian technologies to improve old petroleum fields. Zarubenzhneft is currently has executing projects in Cuba, Vietnam, Uzbekistan, Croatia and Russia.

El Molla said that the Russian-Egyptian bilateral relation in oil and gas industry stands strong. He added that there are good chances for Zarubezhneft to invest in oil and gas exploration and fields, development. The minister concluded that the strong political and economic relations between the two countries motivate oil and gas investments.