Arab Finance: The Ministries of Petroleum and Mineral Resources and Investment and Foreign Trade agreed to establish a joint working committee to support financing and investment opportunities in petroleum sector projects and strengthen cooperation with international financing institutions and strategic partners, as per a statement.

The agreement was reached during a meeting between Minister of Petroleum and Mineral Resources Karim Badawi and Minister of Investment and Foreign Trade Mohamed Farid, who discussed mechanisms for attracting additional local and foreign investment to the petroleum sector and securing financing for strategic projects.

The committee will include representatives from the petroleum sector, the Ministry of Investment and Foreign Trade, the General Authority for Investment and Free Zones (GAFI), and the Egyptian Commercial Service (ECS). It will be tasked with reviewing petroleum sector projects, identifying financing opportunities, exploring partnerships with international institutions, and holding regular meetings to follow up on implementation and investment promotion efforts.

The meeting also reviewed investment opportunities across the research, exploration, and production segments, as well as efforts to attract new investors and increase exploration activities. Discussions further covered opportunities in the refining and petrochemicals sectors and ways to enhance the financial and competitive capabilities of state-owned companies.

Badawi said achieving the petroleum sector's strategic objectives requires greater coordination among state institutions, highlighting the role of the Ministry of Investment and Foreign Trade in supporting a competitive investment environment and facilitating project implementation.

He added that the sector is focused on implementing economically viable projects that contribute to reducing petroleum product imports and maximizing the value of available resources.

According to Badawi, the refining sector includes a pipeline of projects with investments estimated at $4.5 billion aimed at increasing production capacity. The sector is also pursuing petrochemical projects designed to increase value-added output while creating opportunities for local and foreign private sector participation.

For his part, Farid described the petroleum sector as a key pillar of the Egyptian economy and an important driver of investment, noting the ministry's commitment to supporting its competitiveness and attracting financing for expansion projects.

He added that Egypt's competitive advantages, including its strategic location, infrastructure, and investment opportunities across productive and service sectors, continue to support efforts to attract foreign direct investment. He also pointed to ongoing reforms aimed at improving the business environment, simplifying procedures, expanding digital services, and facilitating business operations.

The meeting further highlighted the capabilities of Egyptian petroleum sector companies, particularly engineering and contracting firms such as Enppi and Petrojet, and their track record in executing projects in Egypt and abroad, supporting their expansion into regional and international markets.