Petroleum Minister, Australian ambassador discuss investment opportunities in mineral sector

Daily News Egypt
3 Min Read

Minister of Petroleum and Mineral Resources Tarek El-Molla has met with Axel Wabenhorst, the Australian ambassador to Egypt.

In the meeting, both parties discussed ways to enhance areas of joint cooperation, especially in the fields of mining, gas and green energy. They also reviewed the available investment opportunities in the field of mineral wealth in Egypt and the growing role of Egypt as a natural gas exporter.

During the meeting, El-Molla reviewed the developments in the mining sector in Egypt in light of the reforms implemented in this sector to create an attractive climate for investors. He highlighted the efforts searching for gold and minerals through the successful international bidding that was launched and attracted more than 10 companies participating in their investments in the Egyptian mining industry.

El-Molla stressed the aspects necessary to attract investment to ensure the success of mining activities, foremost of which is the advanced and extended infrastructure that the state has expanded to establish over the recent years. He referred to ports and distinguished road networks near the mines and the availability of energy sources in addition to the qualified mining professionals who are considered an essential pillar in the success of plans and projects.

El-Molla also pointed out that the increasing credibility of the petroleum sector with international oil companies gives confidence and conveys a positive message to international mining companies. It shows that the sector respects its contracts with its foreign partners. He also added that there are great opportunities available for exchanging experiences between the two sides in the field of mining.

For his part, the Australian ambassador praised the successive achievement of gas discoveries in Egypt in recent years, as well as achieving self-sufficiency in gas, the growing role of Egypt as a natural gas exporting country, and its success in covering part of Europe’s natural gas needs, especially as it is the only country in the eastern Mediterranean region that has stations for liquefaction and export of gas. All of which enhances its regional position in the natural gas industry. He pointed out his country’s aspiration to cooperate with Egypt in the fields of gas, mining and hydrogen, and the endeavor of Australian companies to identify investment opportunities in these fields in Egypt.

El-Molla invited the Australian ambassador to participate in the next edition of the Egyptian International Petroleum Conference and Exhibition EGYPS 2023, which will be held mid-February.

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