President Abdel Fattah Al-Sisi.
President Abdel Fattah Al-Sisi welcomed Arab companies’ participation in oil and gas exploration in Egypt, noting the sector’s promising potential, which had encouraged many foreign companies already operating there to increase investment.
He spoke during a meeting with ministers and representatives of the Organization of Arab Petroleum Exporting Countries, OAPEC, attended by Petroleum and Mineral Resources Minister Tarek El-Molla and the organization’s secretary general.
According to the Middle East News Agency, presidential spokesman Alaa Youssef said Al-Sisi opened by welcoming the Arab oil ministers and emphasizing the importance of their sector as a source of energy used throughout everyday life.
The president stressed Arab unity and cooperation in overcoming regional challenges, foremost terrorism and its negative effects on Arab economies and peoples.
He welcomed closer energy and oil cooperation and highlighted Egypt’s extensive infrastructure, including storage at Red Sea and Mediterranean ports, liquefaction plants, and refineries.
The spokesman said participants praised Egypt’s Arab role as a source of strength and stability.
The ministers expressed interest in developing Arab energy cooperation and reviewed their Cairo meetings, which produced several decisions to advance joint work in oil.
El-Molla said OAPEC discussions covered the active Arab role at the Paris conference of parties to the UN Framework Convention on Climate Change. They also activated studies on expanding oil-sector cooperation through relevant Arab companies and institutions.
He praised cooperation between Egypt and Arab shareholders in SUMED as a model of successful Arab oil cooperation.
He also highlighted expanding joint projects, including the Egyptian General Petroleum Corporation’s stake in an oil exploration and production concession in Iraq.