CAIRO: Kuwait is considering setting up a petrochemicals project and Kuwaiti refining plants in Egypt, according to the Kuwait News Agency.
Sheikh Ali Al Jarah Al Sabah, the minister of energy, said during his meeting in Cairo that the next phase will witness more petroleum cooperation between Kuwait and Egypt.
He pointed out that the meeting addressed the establishment of a world class petrochemicals project, as an activation of cooperation agreements signed by both sides, in addition to setting up Kuwaiti refining plants in Egypt.
Moreover, the meeting discussed the entry of Egyptian services companies such as Enppi and Petrojet, as well as other companies into the Kuwaiti market, he added. Sheikh Ali Al Jarah said there were ongoing studies for the exchange of investments among both sides through encouraging Egyptian companies to enter the Kuwaiti oil market and support the existing companies to expand their activities.
He explained the keenness of both the private and public sectors in Kuwait to expand the establishment of investment projects in the various energy fields in Egypt, especially the oil and natural gas sectors, to serve the interests of both brotherly countries.
Egypt Energy Minister Sameh Fahmy pointed to the pipes factory in the coastal city of Portsaid that was set up with Kuwaiti investments, as well as refining Kuwaiti crude oil in Egyptian refining plants in Suez city, and the distribution of natural gas to the various Egyptian areas in Cairo, Alexandria and Borg Al Arab through Kuwaiti-Egyptian companies.
