Egypt’s President Abdel Fattah Al-Sisi met with Bernard Looney, the CEO of British Petroleum (BP), on Monday to discuss bilateral cooperation in the energy sector. The meeting was attended by Tarek Al-Molla, the Minister of Petroleum and Mineral Resources, and Nader Zaki, the company’s regional president for the Middle East and North Africa.
Looney presented the company’s investment plans with its partners in Egypt for the next three years, which amount to $3.5bn. The plans include research, exploration and development activities in the fields of oil and gas.
Al-Sisi expressed his appreciation for the growing activities and investments of BP in Egypt, which contribute to the exploration and production of oil and gas. He also stressed the importance of the participation of international companies and the private sector in the fields of oil, gas and renewable energy. He said that Egypt aspired to enhance its cooperation with BP, especially in the field of reducing emissions and energy transition, as well as green hydrogen production. He said that this would help increase exploration and production and maximize the benefit from Egypt’s resources for present and future generations.
Looney praised the strategic partnership between Egypt and BP, which spans over 60 years. He also praised Egypt’s achievements, especially in the field of infrastructure, which reflect positively on various investment paths, especially in energy and renewable energy. He also noted the ongoing regional cooperation projects in the eastern Mediterranean for gas transportation and liquefaction, as well as for electrical connection.
He also said that BP was cooperating with the Ministry of Petroleum to support the capacity building of human cadres working in the energy sector in Egypt. He also said that BP was keen to play its role in terms of social responsibility, by providing scholarships for Egyptian youth to study in major British universities.
