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Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi said on Saturday that Emirati investments in the energy, petroleum, and gas sectors are a key symbol of the distinguished cooperation between the two brotherly nations.
Mubadala Energy, an Emirati company, exemplifies serious collaboration and investment in Egypt, he added.
Badawi welcomed the expansion of Emirati investments in Egypt’s petroleum and mining sectors, especially as new investment opportunities were offered.
He made his remarks during a meeting with a delegation from Mubadala Energy, led by CEO Mansoor Mohammed Al Hamed, accompanied by Adnan Buftaim, Executive Vice President for Global Technical Operations, Zayed Al Mazrouei, head of Marketing and Refining, and Salma Al Hajri, Regional Vice President for the Eastern Mediterranean and North Africa.
The officials reviewed Mubadala’s activities in natural gas exploration in Egypt, highlighting the company’s participation in key areas in the Mediterranean Sea.
Mubadala holds a 10% stake in the Zohr gas field, 20% stake in the Noor gas field, and 27% stake in Block 4 in the Red Sea.
The meeting touched on the recent global bid for natural gas exploration in the Mediterranean and the Nile Delta, launched by the Egyptian Natural Gas Holding Company (EGAS) in 12 areas.
Mubadala expressed interest in the bid and reviewed the available information through Egypt Upstream Gateway (EUG).
Al Hamed underscored the promising opportunities for further expansion, especially given the excellent relations between Egypt and the UAE.
He noted that Mubadala’s partnerships in gas exploration and production in Egypt, alongside international companies, provide a solid foundation for future expansion in other regions.
He also stressed the importance of Mubadala’s involvement in the Arab Petroleum Pipelines Company “SUMED,” which stands as one of the most successful models of Arab cooperation.
He reaffirmed that open dialogue would continue, seeking new ideas for future collaboration.
