Karim Badawi, Minister of Petroleum and Mineral Resources, held talks with a delegation from the United Arab Emirates led by Hussain Sultan Lootah, Chief Executive Officer of the Emirates National Oil Company (ENOC) Group, and Abdulkarim Al Mazmi, CEO of Dragon Oil, an ENOC subsidiary, to discuss opportunities for expanding Emirati investments in Egypt’s petroleum sector, particularly in aviation fuel supply, oil and gas exploration, and production activities. Officials from ENOC and Dragon Oil praised the Ministry of Petroleum and Mineral Resources for successfully settling all outstanding dues owed to investment partners. They noted that the move reflects the strength and credibility of the Egyptian state and helps reinforce investor confidence while creating a more attractive environment for further investment. For his part, Badawi stressed that Egyptian-Emirati cooperation in the petroleum sector represents a distinguished model of Arab economic integration. He commended the tangible achievements of Emirati companies in Egypt, particularly Dragon Oil, as well as their commitment to continuing and expanding their investment programmes. The minister stressed the ministry’s support for increasing Emirati investments through strategic partnerships with Egyptian companies and by working towards a shared vision and a clear roadmap to capitalise on promising opportunities, particularly in the aviation fuel supply sector, in a manner that maximises added value and serves the interests of both parties. Regarding exploration and production activities, Badawi noted that Dragon Oil, through the Gulf of Suez Petroleum Company (GUPCO) in partnership with the Egyptian General Petroleum Corporation (EGPC), has successfully delivered a significant transformation in the Gulf of Suez region by unlocking its production potential through the deployment of advanced digital technologies and artificial intelligence applications. These efforts have contributed to boosting output and opening new avenues for investment. He added that the ministry remains committed to providing all necessary support to expand the company’s activities within its existing concession areas and extend operations into promising exploration zones in the Red Sea, increasing the likelihood of new discoveries that would support the state’s plans to raise production levels and meet domestic market demand. At the conclusion of the meeting, both parties agreed to establish a joint working group to develop an implementation programme for expanding Emirati investments in Egypt’s petroleum sector and to assess opportunities in aviation fuel supply and exploration activities, with the aim of strengthening the strategic partnership between the two countries and creating new avenues for growth and investment.The post Petroleum Minister discusses new investment opportunities in Egypt with ENOC, Dragon Oil first appeared on Dailynewsegypt.
