Minister of Petroleum and Mineral Resources Tarek El Molla has met with Executive Vice President of Caterpillar Inc Thomas A. Pellette and the accompanying delegation.
They discussed opportunities to increase cooperation between Egypt and the company, and introduce environmentally friendly solutions to reduce carbon footprint in the oil and gas industry.
During the meeting, El Molla highlighted efforts made by the oil and gas sector within the framework of its strategy to reduce carbon emissions, which opens the way for more partnerships and investment opportunities during the coming period.
Egypt’s market enjoys the diversity of investment opportunities and projects in the sector in addition to the presence of international partners from the giant international companies who are implementing projects with huge investments, the minister noted.
He further pointed out that investing in the oil and gas sector in Egypt is a gateway for international companies to reach the eastern Mediterranean region and its abundance of growing opportunities in light of effective regional cooperation under the umbrella of the Eastern Mediterranean Gas Forum. Besides, the expansion of Egyptian companies’ businesses in Arab countries, namely Fajr Egypt, which is expanding in managing the natural gas network in Jordan.
Pellette stated that the Egyptian oil and gas sector is a reliable partner, saying: “We look forward to increasing investments and expanding in the sector thanks to the existence of opportunities to achieve more success.”
He presented the modern solutions, technologies, and equipment that his company provides to achieve energy transition, carbon reduction, and development of resources in an environmentally sustainable manner. Moreover, intervention in solar energy projects, methane capture, and carbon removal techniques from exploration and production operations.
The meeting also tackled cooperation opportunities in mining sector to reduce carbon in its operations in light of the growing activity of this sector in Egypt after creating investment climate and attracting new companies.
