UAE's Mubadala eyes expansion in Egyptian petroleum sector amid promising opportunities

CAIRO - 7 December 2023: Mubadala Energy is looking to increase its investments in the Egyptian petroleum sector, especially given the promising opportunities it presents, according to the Chief Executive Officer (CEO) of the Emirati Energy Company, Mansoor Al Hamed.

 

Al-Hamed affirmed, on Thursday, Mubadala's commitment to continuing its expansion in projects in Egypt in the near future. 

 

This was discussed during a meeting held between the Emirati company's CEO and the Minister of Petroleum and Mineral Resources, Tarek El-Molla.

 

The two sides discussed the existing collaboration between the petroleum sector and the Emirati company, which is involved in research, exploration, and natural gas production in the Mediterranean and Red Seas. They also reviewed the executive status of the company's current projects in Egypt.

 

The meeting also addressed ways to maximize areas of mutual cooperation and investment opportunities. They explored projects in which Mubadala could participate, given its interest in injecting new investments in Egypt's energy sectors. Additionally, they discussed the company's involvement in implementing emission reduction projects in various petroleum activities.

 

Mubadala, the Emirati company, entered the investment field in Egypt in 1992. It acquired a 10 percent stake in Italy's Eni company in the Zohr field, the largest gas exploration field in the Mediterranean Sea. Moreover, Mubadala's subsidiary, Masdar, is one of the key investors in Egypt's new and renewable energy sector.