President Sisi Meets BP’s CEO on Sidelines of EGYPS 2024

CAIRO – 19 February 2024: Egypt’s President Abdel Fattah al Sisi met with Chief Executive Officer of BP, Murray Auchincloss, on the sidelines of the Egypt Petroleum Show, EGYPS 2024.

The meeting was also attended by Prime Minister, Dr. Moustafa Madbouly, Minister of Petroleum and Mineral Resources, Eng. Tarek El Molla, and BP Regional President, Middle East and North Africa, Mr. Nader Zaki.

Spokesman for the Presidency, Counselor Dr. Ahmed Fahmy, said President El-Sisi lauded BP’s outstanding activities, the size and scope of its growing investments in Egypt, as well as its exploration projects in the oil and gas sector. The President confirmed that BP’s activities are aligned with Egypt’s goal of transforming into a regional hub for energy production and trade. President El-Sisi underscored the state’s commitment to facilitating the operations of international companies and the private sector in this domain.

President Sisi also commended the company’s activities in the field of clean energy transition and emissions reduction, affirming a strong convergence of views on the issue of a just energy transition. The President emphasized that Egypt is committed to expanding its ongoing collaboration with the British company, particularly in the realm of green hydrogen production. This aims to empower Egypt to leverage its resources effectively for the benefit of current and future generations.

BP’s CEO, Auchincloss, expressed pride in meeting with the President, which reflects the profound strategic partnership between Egypt and the British company over the past decades. He lauded Egypt’s balanced approach to developing the energy sector and transitioning to clean energy, a strategy leveraging Egypt’s significant potential in this field. Mr.  Auchincloss asserted that this approach serves as a key driver for BP’s commitment to a wide-ranging partnership with the state, given the company’s position as a leading investor in the Egyptian energy market.

Auchincloss confirmed BP’s keenness on further boosting its investment in the field of oil and gas exploration in Egypt. He stated that Egypt stands as a priority destination for the company’s exploration investments, in order to capitalize on the existing land and marine facilities. This aims to expedite the development and production plans in order to meet the growing needs of the local market and bolster the state’s efforts toward exporting the surplus energy. Recognizing Egypt’s significant opportunities, the British company plans to inject 1.5 billion dollars in new investments for development and exploration activities, with the potential of an additional 5 billion dollars over the coming years.