Egypt backs all investment from Malaysian oil firms

Minister of Petroleum and Mineral Resources Tarek el-Molla declared full support for Malaysian Petronas and petroleum firms investing in Egypt.
This came during a meeting with Petronas CEO Tengku Muhammad Taufik on the sidelines of COP27 on Wednesday.
Discussions covered Petronas investment in Egypt for the near future.
In a press statement, el-Molla said the world is focusing on bids by the petroleum sector to cut emissions.
Fossil fuels are still required in the transitional period, the minister said, referring to the ongoing efforts to boost natural gas production in Egypt and the East Mediterranean region.
Meanwhile, the Petronas CEO said Egypt is one of few countries that has huge gas resources, a unique location and infrastructure.
“Egypt can become a pivotal point for trading and transferring liquefied natural gas from East Mediterranean to global markets,” he added.