Egypt Forms Joint Committee to Boost Petroleum Sector Investment

Investment and Foreign Trade Minister Mohamed Farid said his ministry and the Petroleum and Mineral Resources Ministry have agreed to form a joint committee to attract investment and secure financing for strategic projects in the energy sector.

Farid described the petroleum sector as a major pillar of the Egyptian economy and an important driver of local and foreign investment.

The committee will include representatives from both ministries, the General Authority for Investment and Free Zones (GAFI), and the Egyptian Commercial Service. It will assess investment opportunities, coordinate with international financing institutions, and support partnerships for strategic petroleum projects.

The announcement came during a meeting between Farid and Petroleum and Mineral Resources Minister Karim Badawi to discuss mechanisms for attracting additional investment and financing for projects in the sector.

Farid said Egypt offers strong investment advantages, including its strategic location, advanced infrastructure, diverse opportunities, and ongoing economic reforms aimed at improving the business environment.

For his part, Badawi stressed the importance of cooperation among state institutions to achieve the sector’s strategic objectives and strengthen its appeal to investors.

The meeting also reviewed investment opportunities in exploration, production, refining, and petrochemicals. Officials noted that the sector is implementing refining projects worth around $4.5 billion, alongside petrochemical projects aimed at increasing value-added production and adopting advanced technologies.

Discussions also covered the capabilities of Egyptian petroleum companies, including ENPPI and Petrojet, and their growing presence in regional and international markets.