Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, held discussions with a delegation from the Africa Finance Corporation to explore financing opportunities for projects aimed at advancing local production, particularly in oil refining. The meeting included Sameh Shenouda, CEO and chief investment officer at the corporation, and Ato Giazi, senior director of product solutions, along with Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation.
The delegates explored financing opportunities with the goal of reducing imports and bridging the gap between production and consumption of petroleum products, especially diesel. The Minister reviewed the Ministry’s strategic plan, which sets investment priorities in the areas of research, production, refining, petrochemicals, mining, and green energy.
Past investments and production were reassessed, and the teams evaluated plans to conduct an aerial survey of mineral deposits for the first time in 40 years, besides considering incentive packages to attract emerging mining companies. Shenouda affirmed the Corporation’s aspiration to enhance cooperation with Egypt in the petroleum and mining sectors.
The meeting also reviewed new projects to increase local production in the refining sector, including the Suez cooking and diesel production complex project that is currently being implemented. The discussions reflect Egypt’s broader strategy to strengthen its petroleum sector through partnerships with international financial institutions while developing its mining potential.
Source: oilreviewafrica.com