Friday 22 Nov
Engineer Karim Badawy, Minister of Oil and Mineral Resources, stressed the distinguished relations between Egypt and the Emirates. He emphasized that investments in the energy, oil, and gas sectors are a cornerstone of the strong relationship between the two countries. Mubadala Investment Company, a leading example of such investments, has played a pivotal role in fostering cooperation and investment. The petroleum and mining sector welcomes increased Emirati investment as the government continues to create favourable conditions for business.
This came during the minister's
reception of a delegation from Mubadala Investment Company, headed by Sheikh
Mansour Mohammed Al Hamed, the company's CEO, accompanied by Adnan Bouftane,
Executive Vice President of Global Technology Business, Zayed Al Mazrouei, Head
of Marketing and Refining, and Salma Al Hajri, Regional Vice President for the
Eastern Mediterranean and North Africa.
The meeting highlighted
Mubadala's significant involvement in Egypt's natural gas exploration,
including its stakes in the Zohr (10%), Noor (20%), and Sector No. 4 (27%) fields
in the Mediterranean Sea and Red Sea.
The meeting discussed the recent
global tender for natural gas exploration in the Mediterranean Sea and the
Delta, which was launched by the Egyptian Natural Gas Holding Company (EGAS) in
12 areas. Mubadala expressed interest in the tender and reviewed the available
opportunities in the tender through Egypt's digital exploration and production
portal, EUG.
Sheikh Mansour Al Hamed, CEO of
Mubadala Energy, highlighted the promising opportunities for growth in
Egypt-UAE energy cooperation. He emphasized that Mubadala's existing
partnerships in Egyptian gas exploration provide a strong foundation for
expansion. He explained that dialogue and communication are open to reach new
ideas for cooperation. He emphasized the importance of Mubadala's participation
in the Arab Petroleum Pipelines Company (SUMED), one of the most successful
models of Arab cooperation.
The meeting was attended by geologist Alaa El Batal, CEO of the Egyptian General Petroleum Corporation, Dr. Samir Raslan, Deputy Minister for Agreements and Exploration, Engineer Ahmed Mustafa, Deputy Minister for Production, Engineer Mohamed Abdel-Hafez, Chairman of the Arab Petroleum Pipelines Company (SUMED), and Dr. Mohamed Radwan, Director of Egypt's Digital Exploration and Production Portal.
