Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi on Tuesday held talks with a UAE delegation headed by Hussein Sultan Rota, Chief Executive Officer of Emirates National Oil Company (ENOC) and Abdulkarim Al Mazumi, Chief Executive Officer of Dragon Oil, on opportunities for increased UAE investment in Egypt’s oil sector.
Discussions focused on potential investments in aviation fuel supply, oil and gas exploration, research and production activities.
According to a statement released by the Ministry of Petroleum, ENOC and Dragon Oil officials praised the Ministry of Petroleum’s success in resolving all outstanding payments owed to investment partners.
The two leaders emphasized that this achievement reflects the strength and credibility of the Egyptian state and will help boost investor confidence while creating an attractive environment for further investment.
Mr. Badawi said the cooperation between Egypt and the Emirates in the oil sector is a successful model of Arab economic integration, highlighting Dragon Oil’s achievements in Egypt and its commitment to expanding its investment program.
The Minister reaffirmed Egypt’s support for strategic partnerships with Egyptian companies and deepening Emirati participation through the development of a joint roadmap to exploit promising opportunities, especially in aviation fuel services.
Both sides agreed to further strengthen the strategic partnership between the two countries, establishing a joint working group to develop an enforcement program to expand Emirati investment in Egypt’s oil sector and assess opportunities for aviation fuel supply and exploration activities.
