Minister of Petroleum and Mineral Resources, Karim Badawi, met with a delegation from the Saudi Egyptian Investment Company (SEIC), a subsidiary of the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia, to discuss investments in Egypt’s petroleum and fertilizer sectors, according to a statement.
The meeting reviewed the company’s investments in the petrochemical and fertilizer industries in Egypt through its stake in Misr Fertilizers Production Company (MOPCO) and Abu Qir Fertilizers and Chemicals Co.
Badawi highlighted that efforts to increase domestic production of gas and secure its imports have enabled petrochemical and fertilizer plants to resume full operations. This, he noted, will help meet local demand and support an increase in exports.
The Ministry of Petroleum and Mineral Resources (MoPMR) is working with all investment partners to overcome any challenges that could affect these important industries, which are a key part of the oil and gas sector in Egypt, according to Badawi.
SEIC officials expressed their appreciation for MoPMR’s support. They reiterated that the company has a long-term strategy for investing in Egypt’s oil, gas, petrochemicals, and fertilizer sectors as crucial areas of economic cooperation between the two countries.
SEIC is a joint Egyptian-Saudi comany that was established in August 2022 to invest in a variety of Egyptian sectors, including infrastructure, healthcare, and agriculture, with the aim of achieving long-term commercial returns and enhancing strategic cooperation.