Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla discussed with President for Regions and Corporate Relations at Bechtel Corporation Stuart Jones means of bolstering bilateral cooperation on oil and joint projects.
Both sides also reviewed the latest developments in the Red Sea Petrochemical Complex project at the Suez Canal Economic Zone (SCZone), with investments estimated at about $7 billion.
They tackled the proposed action plan for the project’s implementation, in light of the principles agreement signed with the US company and the results of detailed feasibility studies for the project.
The US ambassador to Cairo, Jonathan Cohen, also attended the meeting, during which both sides signed a contract to assign the land on which the project will be built.
The complex project comes in line with the ministry’s strategy to expand value-added projects in the petrochemical industry and increase the production capacity of petroleum and petrochemical products to cover the needs of the local market and export the excess, Molla explained.
He stressed the importance of bilateral coordination to expedite the project’s implementation.
The participation of major international companies in the Gas Industry Advisory Committee (GIAC) at the East Mediterranean Gas Forum (EMGF), including Bechtel, indicates the importance of this committee and its role in liquefied natural gas (LNG) activity, Molla noted.
He pointed out that the GIAC provides the opportunity to define common goals and give confidence to all companies wishing to invest in the region by creating a balanced environment for investments.
Cohen, for his part, said the US-Egyptian relations are distinguished and historic in various fields.
He said the US is willing to bolster the investments of US companies in the fields of oil, gas and petrochemicals in Cairo.
Meanwhile, Jones affirmed that Egypt succeeded in providing an attractive investment environment for foreign investors, pointing to its increasingly leading role in the region, especially after launching the EMGF.