Arab Finance: United Energy Group (UEG), a Chinese oil and gas exploration and production company, inked a memorandum of understanding (MoU) with Egypt’s Ministry of Petroleum and Mineral Resources, according to a statement.

The agreement includes a general framework for cooperation in exploring investment opportunities in the oil and gas sectors inside and outside Egypt.

This is in addition to mulling over the possibility of expanding renewable energy projects and energy trade activities.

During a meeting with the group’s delegation, Minister of Petroleum Karim Badawi reviewed the company’s plans to scale its investments in Egypt and explored new horizons for cooperation and expansion into regional and international markets.

Badawi also lauded the strategic partnership between the company and the Egyptian petroleum sector in Iraq.

Moreover, the two sides discussed opportunities for cooperation in energy trade activities, which will contribute to enhancing trade integration and streamlining access to global markets.

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