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Egypt, Britain discuss increasing oil, gas investments

CAIRO Egyptian Oil Minister Tareq Al-Mulla and British Investment Minister Graham Stuart discussed on Tuesday means of continuing to support and increase mutual investments in the fields of oil and gas.

The meeting held between the two sides focused on promoting cooperative relations through stimulating the British companies in Egypt to pump investments in major oil projects in the Egyptian market, Egyptian Ministry of Petroleum said in a statement.

The two ministers touched upon available investment opportunities to encourage British companies to invest in oil and gas exploration, the statement added.

It referred to the British companies’ contributions to discovering and developing several major wells in the Mediterranean and the Suez Gulf, in addition to the strategy of developing Egypt’s resources of natural gas.

They also dealt with investment chances in petrochemicals, refineries’ projects and infrastructure of oil and gas that constitute promising investment opportunities to the British firms, the statement noted. Al-Mulla pointed to the “distinguished” partnership and historical economic relations between the two sides.

He also referred to economic reforms carried out by the Egyptian Government, which have contributed to creating an attractive investment climate.

The British minister stressed his country’s keenness on boosting investment and economic ties with Egypt, lauding economic outcomes in Egypt after implementing a bundle of key reforms, according to the statement.

He indicated that his country is paying attention to encourage the British companies to support their current investments in oil and gas fields.

Source: Kuwait News Agency