Egypt discusses cooperation with Baker Hughes in designing, implementing petroleum projects

CAIRO – 19 May 2021: Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, discussed strengthening joint cooperation in the field of designing and implementing petroleum projects and manufacturing equipment with a delegation from Baker Hughes Company.

Both sides discussed ways to exchange experiences and transfer modern technologies through the expansion of joint workshops, according to Ministry of Petroleum statement.

The delegation included Executive Vice President, Regions, Alliances & Enterprise Sales, Uwem Ukpong, Chief Financial Officier, Santiago Víctor Redondo, VP, Middle East, North Africa, Turkey & India at Baker Hughes, Zaher Ibrahim.

Molla stressed that the global energy industry is witnessing major changes during the current period in light of a widespread global trend towards green energy that is environmentally friendly, as part of efforts to reduce carbon emissions and preserve the environment.

He said that most countries of the world are now adopting natural gas as the best fossil fuel with environmentally friendly characteristics during this transitional phase towards new and renewable energies, which highlights the role of the Eastern Mediterranean Gas Forum in providing part of these global needs for natural gas, in a way that achieves the common interest and benefits for all members countries.

The minister pointed to the great interest of the political leadership in climate issues, preserving the environment and diversifying the Egyptian energy mix.

He added that the coming period will witness a great increase in activities and investments in the petroleum sector, in light of the clear interest of foreign companies operating in Egypt to expand their activities in order to achieve more discoveries and increase production.

Molla explained that the recovery of global oil markets and the balance of price levels, in addition to the success of the petroleum sector in improving the investment climate, contributed to encouraging major foreign companies to pump new investments.

For his part, Baker Hughes Vice President for Operations praised the efforts made by the Egyptian state and its pioneering role in establishing the Eastern Mediterranean Gas Forum, which is receiving increasing global attention, noting Baker Hughes' interest in diversifying its business portfolio and working more in the areas of clean energy.