Egypt's energy sector open to Emirati investment, says Petroleum Minister
Tarek El Molla, Minister of Petroleum and Mineral Resources of Egypt, stressed that there are investment opportunities in Egypt's energy sector open for Emirati companies to further expand their presence.
In his statement to the Emirates News Agency (WAM) on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2023, El Molla said, “There has been significant progress in the cooperation between the UAE and Egypt in the energy sector, in general, and in oil and gas, in particular, with ample opportunities for Emirati companies to expand.”
Several Emirati companies are performing well in Egypt's energy sector, including ADNOC Distribution, which recently announced the opening of three service stations bearing the ADNOC brand in key strategic areas in Greater Cairo, he added.
There is also a collaboration between Egypt and the UAE in renewable energy through a series of agreements signed by the the Abu Dhabi Future Energy Company (Masdar) aimed at generating new and renewable energy in various locations in Egypt, he pointed out.
Emirati companies and investment funds are also considering acquiring shares in some government-owned companies, such as fertiliser and petrochemical companies, to become strategic partners, sending a strong message about Emirati investors’ confidence in the Egyptian market, he further added.
"The increasing Emirati investments in Egypt prove that the Egyptian market is promising and provides good returns on investment, and there will be further expansion in this area," El Molla explained.
Responding to a question about the investment plan for the Egyptian petroleum sector, he stated that it ranges from US$8.5 billion to $9 billion in various areas, including research and exploration, production, development, and operations.
Regarding the importance of ADIPEC 2023, he said, "We participate annually in the exhibition with our brothers in the UAE, especially as it is one of the most important international platforms in the oil and gas sector, with significant participation from sector ministers and CEOs of international companies."