30 November 2022 07:12 AM

Petroleum min., Kuwaiti economic delegation investment opportunities

Tuesday، 04 October 2022 - 02:58 PM

Petroleum and Mineral Resources Minister Tareq el Mulla discussed with a Kuwaiti economic delegation the available investment opportunities in Egypt in the oil and gas sector.

This came in statements on Tuesday during a meeting of the Egyptian-Kuwaiti Cooperation Council, the visiting Kuwaiti economic delegation, led by President of Kuwait Chamber of Commerce and Industry (KCCI) Muhammad Jassim Al Saqer. The meeting was also attended by Mamdouh El Araby, on behalf of the council's chairman, Ibrahim El Araby and Kuwaiti Ambassador in Cairo Ghanem Saqr Ghanem.

The minister said that the great development witnessed by industries; like petrochemicals and fertilizers, to maximize added value in Egypt through many ambitious projects to expand investments in this field, taking into consideration that Egypt is an important petrochemical hub.

The visit reflects the depth of ties between the two countries and the distinguished relations between the political leadership in both countries, Mulla said.

He underlined that President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouli were keen on meeting the delegation, a matter that reflects the State's interest in developing and strengthening economic ties with Kuwait with the view to achieving integration and mutual benefit, particularly in the energy sector.

Egypt has extended partnership with Kuwait in the oil and gas domain, he said, citing joint cooperation represented in trade agreements withKuwait Petroleum Corporation (KPC) and investment partnerships with Al Kharafi Group and Kuwait Energy plc company, a matter that creates an atmosphere for more successful investments and partnerships between the two sides, the minister said.

For his part, the KCCI chairman stressed the importance of the visit that reflects the two countries' keenness on boosting cooperation and partnership.

He further underlined that the Kuwaiti delegation had meetings with the ministers to stand on the available investment opportunities in Egypt.

Egypt has made great strides in economic and investment reform amid the global challenges in the past two years, Al Saqer said, lauding Egypt's experiment in developing its economy.


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