Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of two memoranda of understanding (MoUs) in the fields of mining and financing between the Egyptian petroleum and mineral resources sector and the Emirati company International Resources Holding (IRH), according to a statement.

The signing took place in Abu Dhabi during the minister’s meeting with Mariam bint Mohammed Almheiri, Group CEO of 2PointZero, a subsidiary of IRH Global Trading.

The first deal was signed by the Egyptian Mineral Resources and Mining Industries Authority and IRH to provide technical support services for the aerial survey project for mining opportunities in Egypt in its various stages. This is in addition to providing a modern digital platform that facilitates effective access to survey results.

Meanwhile, the second MoU was penned by the Egyptian General Petroleum Corporation (EGPC) and the Emirati company to provide facilities to finance the sale and purchase of crude oil, liquefied natural gas, and other products.

Moreover, it included setting a framework to reduce the financing costs of petroleum products by providing financing at competitive prices.

The two MoUs come within the framework of the positive results of the discussions held in Cairo last month, which opened horizons for cooperation between the two parties.

This is part of the first axis of the ministry’s strategy, related to boosting petroleum products, and the third axis, concerned with maximizing the returns of the mining sector.

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