Egypt is seeking to attract additional UAE investment into its petroleum sector, with a particular focus on aviation fuel, oil and gas exploration, and production activities.
The issue featured high on the agenda of talks held in Cairo on Monday between the Egyptian Petroleum Minister Karim Badawi and an UAE delegation led by Chief Executive Officer of Emirates National Oil Company (ENOC), Hussein Sultan Lootah, and Chief Executive Officer of Dragon Oil, Abdulkarim Al Mazmi.
ENOC and Dragon Oil officials lauded the successful settlement of all outstanding dues owed to investment partners, noting that the move reflects the strength and credibility of the Egyptian state and helps boost investor confidence while creating a more attractive environment for further investment, the ministry said in a statement.
The Egyptian-UAE partnership in the petroleum sector represents a distinguished model of Arab economic integration, commending the tangible successes achieved by UAE companies in Egypt, particularly Dragon Oil, and their commitment to continuing and expanding their investment programmes, minister Badawi was quoted as saying.
He also support for increasing UAE investments through strategic partnerships with Egyptian companies and developing a shared vision and clear roadmap to capitalise on promising opportunities, particularly in aviation fuel supply, in a manner that maximises added value and serves the interests of both sides.
On exploration, production and development activities, Badawi noted that Dragon Oil has achieved a significant transformation in the Gulf of Suez region, through the Gulf of Suez Petroleum Company (GUPCO) in partnership with the Egyptian General Petroleum Corporation (EGPC).
The company has enhanced production capabilities through the use of advanced digital technologies and artificial intelligence applications, helping to boost output and open new avenues for investment, he noted.
The ministry is committed to providing all necessary support to expand the company’s operations in its existing concession areas and into promising new exploration zones, particularly in the Red Sea, in order to increase the likelihood of new discoveries that would support Egypt’s plans to raise production and meet domestic market demand, the minister stressed.
The two sides agreed to establish a joint working group to develop an executive programme for expanding UAE investments in Egypt’s petroleum sector and to assess opportunities in aviation fuel supply, exploration and research activities, further strengthening the strategic partnership between the two countries and opening new prospects for growth and investment.
