Egypt, Britain discuss cooperation in oil sector

CAIRO - 1 August 2018: Minister of Petroleum Tarek el Mulla on Wednesday said that British investment companies operating in the natural gas sector will increase their investments in Egypt.

At a meeting with British Trade Envoy to Egypt, Sir Jeffrey Donaldson, Mulla added that this increase comes in light of the Egyptian government's plans and programs to develop new gas discoveries.

Donaldson is now on a visit to Egypt for talks with Egyptian officials on means of boosting joint cooperation in the gas and petrochemicals sectors, said a statement by the Ministry of Petroleum and Mineral Resources.

The meeting took up investment opportunities in the Egyptian oil sector and new bids for investment in the recently-discovered areas.

Mulla confirmed that the oil sector will continue its strategy for creating a suitable investment atmosphere. He pointed out that Egypt and Britain have been cooperating in the oil sector for a long time.

For his part, the British envoy said that British companies are very much interested in the current oil refining projects in the Egyptian cities of Assiut and Suez.

British companies operating in Egypt lauded an improvement in the work mechanisms in Egypt over the past few years, he said, explaining that many difficulties and obstacles are settled.

This led many other British companies that were not operating in Egypt to seek investing in it in the coming period, he pointed out.

The British envoy noted that recent positive economic reforms in Egypt have changed the Egyptian investment map in the oil and gas sectors.

He invited Mulla to attend the international gas and oil week that will be held in London in November.