Petronas explores expanding investment in Egypt
Updated 9/19/2024 7:50:00 AM
Arab Finance: Egypt's Minister of Petroleum and Mineral Resources Karim Badawi met with Chief Operating Officer of Malaysia's Petronas Group Adnan Zainal Abidin to discuss the company’s current and future investments in Egypt, as per a statement.
During the Gastech 2024 conference in Houston, Texas, the meeting was attended by the Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS) Yassin Mohamed and Director of the Egypt Upstream Gateway (EUG) Mohamed Radwan.
The discussion focused on Petronas' ongoing investments in liquefied natural gas (LNG) projects, particularly its partnership in the Idku Gas Liquefaction Complex.
They explored opportunities to expand these investments amid rising global demand for LNG.
Additionally, the progress of the tenth and eleventh phases of natural gas development in the deep West Delta fields in the Mediterranean Sea was reviewed.
Petronas is involved in these projects alongside Shell, with production from the 10th phase expected to commence by the end of this year and the 11th phase slated for the second quarter (Q2) of 2025.
Badawi encouraged Petronas to consider new investment opportunities and potentially take on a role as an operator in various regions, coordinating with the EUG team.
He assured Petronas of full support in overcoming challenges and boosting its gas exports from the Idku LNG station.
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