Egypt petroleum and investment ministries sign cooperation protocol

Egypt's Ministry of Petroleum and Mineral Resources and the Ministry of Investment and Foreign Trade have signed a cooperation protocol to promote investment opportunities in the petroleum, gas, and mining sectors. The agreement, witnessed by Prime Minister Mostafa Madbouly, aims to attract new investments from financial institutions, investment funds, and private sector partners.

The partnership seeks to utilize innovative financing mechanisms and capital market tools to diversify funding sources. It also aims to enhance the financial and technical competitiveness of petroleum and mining companies, improve asset management, and maximize the economic returns from state-owned assets. The Egypt Sovereign Fund for Investment and Development will play a key role in providing investment and technical expertise.

Minister of Petroleum Karim Badawi noted that the sector's success in settling outstanding dues to foreign partners has improved the investment climate, helping to restore investor confidence. This progress is expected to encourage global companies to increase exploration and production activities, as well as expand into refining and petrochemical manufacturing.