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Petroleum is discussing with BP plans to expand into the Egyptian market

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The company seeks to increase its activities in trading liquefied gas and petroleum products

Engineer Tariq Al-Mulla, Minister of Petroleum and Mineral Resources, received a delegation from the British “BP” company, which included Dave Sanyal, Executive Vice President for Gas and Low Carbon Energy, and Gordon Burrell, Executive Vice President for Production and Operations.

The meeting witnessed a discussion of the current position of joint cooperation projects between the petroleum sector and the British company in Egypt and a review of developments in global oil and gas price levels in light of the current challenges that the Corona pandemic poses to global markets.

Al-Mulla emphasized that the petroleum sector enjoys many distinguished partnerships with foreign companies, including “BP”, which is one of the most important strategic partners of the sector, indicating that there are many areas and opportunities through which this strategic cooperation can be supported.

The talks were attended by geologist Ashraf Faraj, first undersecretary for agreements and exploration, Dr. Magdy Galal, head of EGAS, and Karim Alaa, the regional president of North Africa at BB company.

The minister added that the petroleum agreements signed recently with a number of major international companies aim to push the wheel of oil activity and speed up adding new reserves to Egypt’s petroleum wealth.

He said that the Eastern Mediterranean Gas Forum provides great economic benefits to all member states, not just Egypt, as it will facilitate the work of companies in the Eastern Mediterranean region within the framework of the system of integration and interdependence among the member states, which is one of the most important principles of the forum.

He added that Egypt is committed to international agreements seeking to preserve the climate and the environment, and is currently working on expanding the uses of natural gas in many activities due to its environmentally friendly properties, whether in car supply and home delivery or in providing the needs of major projects that are implemented all over Egypt.

He pointed out that Egypt is currently implementing a strategic plan to increase the contribution of new and renewable energy to the energy mix in light of the development of renewable energy technologies and the decrease in the costs of the equipment used with it. He also stressed that Egypt is also seeking to exploit hydrogen and use it as a source of clean green energy.

For his part, Sanyal affirmed that “BB” has great confidence in Egypt’s investment-attracting climate and looks to the future of its business in Egypt with a positive and optimistic view, as the company considers Egypt one of the most important stations in the company’s activities at the global level and aspires to increase its activities in many other fields, especially in Liquefied gas trade in addition to trading and trading of petroleum products through its other subsidiaries, because Egypt has a large market and possesses the ingredients that qualify it to expand in trade activities.

While Gordon reviewed during the talks the latest developments in the executive position of the Raven field development project within the framework of the third phase of the development project for the western Nile Delta deep in the Mediterranean, which is about to start production from it during the coming period.

He stressed the commitment of “BP” to pump investments and focus on research and exploration activities for gas and oil, especially in deep waters.

The meeting witnessed a review of the training programs for human cadres for middle management, to which the BB company contributed strongly within the framework of the project to develop and modernize the petroleum sector, in addition to reviewing the Ministry’s plans to continue implementing training programs during the coming period.

The article “Petroleum” discusses with “BP” plans to expand into the Egyptian market, it was written in the Al-Borsa newspaper.

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Petroleum is discussing with BP plans to expand into the Egyptian market