Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing ceremony of a memorandum of understanding (MoU) between the Ministry of Petroleum and the Chinese company United Energy Group (UEG).
The MoU aims to establish a general framework for cooperation in exploring investment opportunities in the oil and gas sectors both in Egypt and abroad.
This signing took place at the conclusion of the minister’s official visit to the UAE, where he held a meeting in Dubai with Song Yu, Chairman and Executive Director of UEG, and Kamel el Sawi, the United Energy Group Regional President – Africa.
The meeting highlighted UEG’s keenness on expanding its investments in Egypt, benefiting from the positive investment climate, as well as the success of its strategic partnership with Egypt’s petroleum sector in Iraq.
The talks also tackled energy trading cooperation to enhance commercial integration and expand access to global markets, aligned with their joint objective to deepen international presence and improve the energy sector’s value chain efficiency.
After the signing, Song expressed appreciation for the fruitful cooperation with Egypt’s petroleum sector and affirmed the company’s desire to continue expanding the partnership, acknowledging the strategic directions and persistent efforts of Egypt’s Ministry of Petroleum under Minister Badawi’s leadership to attract investment and develop the sector.
Song also presented a shield to the minister in recognition of his pioneering role and sincere efforts to support the energy sector and enhance the investment environment.
