(MENAFN- Daily News Egypt) Karim Badawi, Egypt's Minister of petroleum and Mineral Resources, emphasized the strong ties between Egypt and the UAE, noting that investments in the energy, petroleum, and gas sectors represent a key symbol of the distinguished cooperation between the two brotherly nations. Among the most prominent investments are those of Mubadala Energy, an Emirati company, which exemplifies serious collaboration and investment in Egypt.
Badawi welcomed the expansion of Emirati investments in Egypt's petroleum and mining sectors, especially as new investment opportunities were offered. This came during his meeting with a delegation from Mubadala Energy, led by CEO Mansoor Mohammed Al Hamed, accompanied by Adnan Buftaim, Executive Vice President for Global Technical Operations, Zayed Al Mazrouei, Head of Marketing and Refining, and Salma Al Hajri, Regional Vice President for the Eastern Mediterranean and North Africa.
During the meeting, Mubadala's activities in natural gas exploration in Egypt were reviewed, highlighting the company's participation in key areas in the Mediterranean Sea. Mubadala holds a 10% stake in the Zohr gas field, a 20% stake in the Noor gas field, and a 27% stake in Block 4 in the Red Sea.
The discussion also touched on the recent global bid for natural gas exploration in the Mediterranean and the Nile Delta, launched by the Egyptian Natural Gas Holding Company (EGAS) in 12 areas. Mubadala expressed interest in the bid and reviewed the available information through Egypt Upstream Gateway (EUG).
Mansoor Al Hamed, Mubadala Energy's CEO, highlighted the promising opportunities for further expansion, especially given the excellent relations between Egypt and the UAE. He noted that Mubadala's partnerships in gas exploration and production in Egypt, alongside international companies, provide a solid foundation for future expansion in other regions.
Al Hamed also stressed the importance of Mubadala's involvement in the Arab Petroleum Pipelines Company“SUMED,” which stands as one of the most successful models of Arab cooperation. He reaffirmed that open dialogue would continue, seeking new ideas for future collaboration.
The meeting was attended by several key figures, including Alaa El Batal, CEO of the Egyptian General Petroleum Corporation (EGPC); Samir Raslan, Undersecretary of the Ministry for Agreements and Exploration; Ahmed Mostafa, Undersecretary of the Ministry for Production; Mohamed Abdelhafez, Chairperson of SUMED; and Mohamed Radwan, Exploration Manager at Ministry of Petroleum and EUG Manager.
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