Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi held an extensive meeting with a delegation from the US-based Quantum Capital Group to explore establishing a long-term investment portfolio in Egypt’s oil and gas sector.
Badawi highlighted the sector's significant investment potential in upstream activities, particularly in the Eastern and Western Mediterranean and the Red Sea, citing their substantial geological prospects.
The ministry recently adopted more flexible economic models to stimulate investment in areas requiring high infrastructure investments, notably the R-Factor model.
Moreover, Badawi pointed out that the government is working on creating a competitive and highly responsive investment environment. He lauded the vital role of Egypt Upstream Gateway (EUG) in providing geological and technical data to investors, along with the Open Blocks system.
As for the downstream activities, Badawi underscored Egypt's strong refining infrastructure, noting that the country operates eight world-class refineries.
He added that the government is pursuing a $4.5 billion investment program aimed at modernizing refineries and adding new processing units to increase the production of higher-value petroleum products.
