The government is ramping up efforts to implement new petroleum-based development projects that will meet the needs of the local market, according to Sherif Hadarra, Petroleum and Mineral Resources Minister.
The projects will seek to both increase the amount of refined energy available on the Egyptian market, and attract additional investment to construct new refining laboratories, the minister said.
These statements came during a meeting with Ahmed Bin Hamid Al-Naimi, CEO of the Arab Petroleum Investments Corporation (APICORP), during which Hadarra stated APICORP is qualified for a number of investment opportunities. Such projects include the construction of new hydro-cracking refining laboratories in Assiut.
Al-Naimi said APICORP was ready to participate in any project put forth and suggested by the government, adding that a company delegation would soon visit the country’s Petroleum Authority and a number of holding companies to discuss new plans to help finance projects in the petroleum, gas and petrochemicals sectors.
APICORP cooperates within the petroleum sector in a number of joint projects with the Misr Fertilisers Production Company, Methanex and the Egyptian Bahraini Gas Derivatives Corporation. APICORP is owned and operated through OPEC by the United Arab Emirates, Bahrain, Algeria, Egypt, Saudi Arabia, Syria, Iraq, Kuwait, Libya and Qatar.
Translated from AlBorsa Newspaper
