CAIRO – Egyptian Minister of Petroleum and Mineral Resources Karim Badawy on Tuesday discussed with officials of Russian oil company Lukoil potential investment opportunities in the Egyptian petroleum sector, in light of incentive packages introduced by the Petroleum and Mineral Resources Ministry and its flexibility in carrying out operations to increase output rates.
This came during a meeting with Lukoil Vice President for the Americas, Western Africa and Europe Ivan Romanovsky, the company’s Head of International Business Development Andrey Sapozhnikov and Lukoil Egypt General Manager Andrey Sheykin, on the sidelines of the eighth edition of the Egypt Energy Show (EGYPES 2025) conference and exhibition.
Badawy, in a statement on the sidelines of EGYPES, highlighted investment opportunities in Egypt’s petroleum sector, in light of the state’s constant efforts to diversify the energy mix and provide natural resources to achieve value added, through utilising all potential at the lowest costs.
Meanwhile, Lukoil officials hailed EGYPES energy conference as well as the remarkable leap achieved by the Egyptian oil sector.
They said that the Russian oil company is looking forward to increasing its investments and production during the coming period in its concession areas in the Gulf of Suez and the Western Desert.
EGYPES 2025 kicked off Monday in Cairo under the auspices President Abdel Fattah El Sisi and runs till Wednesday.
Comprising 11 international pavilions, the event aims to explore how Egypt, at the heart of Africa and the Mediterranean, is driving responsible energy transformation.
Held under the theme ‘Building a secure and sustainable energy future’, EGYPES unites global energy leaders, policymakers and industry pioneers to redefine energy systems, advance sustainable energy transformations, and unlock opportunities for regional progress in the backdrop of global energy transition.
Besides a number of Arab and African countries, China, Spain and Italy are taking part in EGYPES 2025. The US is participating for the first time in the event.
