Egyptian Minister of Petroleum and Mineral Resources Karim Badawi said Sunday the oil sector is currently implementing an intensive research and exploration program with the aim of achieving new discoveries that contribute to increasing production and reserves.

This came during a meeting between the Minister with Chairman of the Greek Copelouzos Group Dimitrios Copelouzos, and CEO Ioannis Karidis.

The meeting tackled potential aspects of co-operation and available investment opportunities in the oil sector and ways of co-operation between the two sides in various fields of natural gas and infrastructure.

Badawi said Egypt has a strong infrastructure and distinguished capabilities that qualify it to enhance its position in the region as a regional energy hub, and that work is underway to highlight the available investment opportunities in the oil and gas sectors to serve the goals of securing and diversifying energy resources.

For his part, the head of the Greek group said Egypt is capable of creating a br
ight future in the field of natural gas by exploiting the strong infrastructure it possesses, especially gas liquefaction.

He pointed out to the group’s intention to participate in any new auctions offered by Egypt in the coming period, and pointed out that the electricity interconnection project between Egypt and the European Union is one of the most important projects currently being implemented in Europe.

The meeting witnessed discussions on ways to enhance cooperation between the Greek group and EGAS Holding Company in various fields and projects of natural gas and infrastructure.

Source: State Information Service Egypt