Petroleum min., French economic counselor mull fostering energy cooperation

CAIRO - 12 July 2018: Petroleum Minister Tarek el Molla discussed with Minister Counselor for the French Economic Affairs and Head of the French Economic Department for the Middle-East Jacques De Lajugie fostering cooperation along with current investment opportunities available in Egypt in the energy sector, mainly in the petroleum and natural gas domains.

In a released statement on Thursday, the petroleum minister asserted the deeply-rooted ties binding the governments and peoples of Egypt and France, highlighting the French support to the Egyptian development efforts.

Trade and economic relations between Egypt and France have witnessed significant growth since the early '80s, Molla said, adding that France is one of the most important investors in Egypt.

Molla pointed out that clear convergence of views of political leaderships in both countries gives a major boost to efforts to further constructive cooperation.

During the meeting, both officials reviewed the project of developing and upgrading the petroleum sector, and Egypt’s ongoing efforts meant to increase confidence of investors and lure further investments, a move that is expected to support the state’s development plans and its strategy to turn Egypt into a regional energy hub.

The French official termed the French-Egyptian cooperation as constructive and fruitful, stressing that the Egypt is one of France’s most important external markets, with which Paris is constantly keen to consolidate partnership.

Remarkable results that Egypt has achieved in the energy domain has succeeded in attracting further investments to its market, he said.