Egyptian Oil Minister Tarek El-Molla met Thursday with British Ambassador to Cairo, John Casson to discuss enhancing mutual cooperation in field of oil and natural gas industry.
Both sides showcased means of deepening Egyptian-British ties and develop joint projects between two states since UK is the largest investor in Egypt.
A massive number of British firms have large projects in Egypt in oil and gas production field that reflect UK’s commitment to develop Egyptian petroleum resources, Minister El-Molla said.
He stated that the cooperation in oil field is a cornerstone in enhancing economic ties between Egypt and UK.
The significant results achieved by British firms in exploring and producing oil and gas in Egypt represent an incentive to pump more investments, the minister clarified.
During the meeting, Casson and El-Molla showcased the oil projects that would be executed by British firms in Egypt notably the project in North Alexandria which is currently being executed.
The first phase of North Alexandria project is set to start production during the third quarter of 2017, the minister noted, adding that it would participate in boosting Egypt’s production of gas.
El-Molla stated that petroleum sector is currently implementing a bunch of projects to develop refineries and expanding in basic infrastructure to transport petroleum products.
The sector is also executing a number of petrochemical projects which are considered as a prominent chance for British firms to invest in, the minister stated.
