Egyptian Minister visits Saudi Arabia to enhance cooperation in petroleum sector
Egypt is actively seeking greater involvement
for its petroleum and engineering companies in Saudi Arabia’s ambitious NEOM project, as discussed during an
official visit by Minister
of Petroleum and Mineral Resources, Karim Badawi, to the Kingdom.
Badawi, leading a delegation that included executives from ENNI and PETROJET, met with NEOM CEO Aiman Al-Mudaifer and other senior officials to explore developments in the futuristic project and the potential opportunities it presents within Saudi Arabia's Vision 2030. According to a statement from the Egyptian Ministry of Petroleum and Mineral Resources (MoPMR), the discussions focused on fostering collaboration between Egypt’s petroleum sector and NEOM, particularly in energy projects like green hydrogen.
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The two sides also explored partnerships
between Egypt’s Mineral Resources and Mining Industries Authority (MRMIA) and
NEOM’s industrial initiatives, aiming to meet the city’s growing demand for
strategic minerals.
Badawi and Al-Mudaifer agreed to form joint
working groups to explore further collaboration and emphasized the value of
knowledge exchange. This could include short-term training programs for
Egyptian professionals, with support from NEOM’s specialized companies.
Launched in 2017, NEOM is Saudi Arabia’s $500 billion megacity project, designed to be a global center for innovation, sustainability, and economic diversification under Vision 2030. The city is envisioned as a “living laboratory” for urban innovation, green energy, and advanced technologies.
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In addition to his discussions at NEOM, Badawi
also met with Abdulrahman Al-Fageeh, CEO of the Saudi Basic Industries Corporation (SABIC),
to strengthen bilateral ties in the petrochemical sector. Badawi highlighted
the longstanding relationship between Egypt and Saudi Arabia and underscored
their shared commitment to expanding cooperation, particularly in the fields of
fertilizers and downstream industries.
During the meeting with SABIC, Badawi
presented several investment opportunities in Egypt that could add significant
value to local resources. These included the Silicon Products Project, the
Egyptian Soda Ash Company Project, the Egyptian Sustainable Aviation Fuel
Company (ESAF) Project, and the Red Sea Petrochemicals Company Project.
The overarching goal of Badawi’s visit was to enhance the participation of Egyptian companies in energy and infrastructure projects in Saudi Arabia, strengthen cooperation in the petroleum and mining sectors, and attract new Saudi investments to Egypt in these industries.
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This visit follows a series of international engagements by Minister Badawi in the past week, aimed at strengthening Egypt’s global cooperation in mining and energy. Badawi had previously led the Egyptian-British Business Mission in London to highlight Egypt’s mineral potential, discussed joint oil and gas projects in Oman, and signed various training and survey agreements in Australia with Curtin University, Murdoch University, and Xcalibur.
Source: https://egyptoil-gas.com/
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