Cairo: Minister of Investment and Foreign Trade Mohamed Farid announced the formation of a joint committee with the Petroleum and Mineral Resources Ministry to attract investment and secure financing for strategic projects in the petroleum sector. The committee aims to identify investment opportunities, engage international financing institutions, and support partnerships for major energy projects by including representatives from the two ministries, the General Authority for Investment and Free Zones (GAFI), and the Egyptian Commercial Service.

According to State Information Service Egypt, the announcement followed a meeting between Farid and Petroleum Minister Karim Badawi, where discussions focused on increasing local and foreign investment in the sector. Farid highlighted Egypt's competitive advantages, such as its strategic location, developed infrastructure, and ongoing economic reforms, which continue to bolster its appeal to investors.

The meeting also reviewed opportunities in areas such as exploration, production, refining, and petrochemicals. Officials noted that refining projects worth approximately $4.5 billion are currently underway, along with plans to expand petrochemical production and increase value-added industries.