Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources, met with officials from the United Arab Emirates to explore expanding investments in the petroleum sector.
The meeting involved Hussain Sultan Lootah, Chief Executive Officer of the Emirates National Oil Company (ENOC) Group, and Abdulkarim Al Mazmi, CEO of Dragon Oil. Discussions focused on aviation fuel supply, oil and gas exploration, and production activities.
ENOC and Dragon Oil officials praised the ministry for settling all outstanding dues to investment partners. They said this action strengthens investor confidence and creates a better environment for further investment.
Badawi described Egyptian-Emirati cooperation as a model of Arab economic integration. He highlighted Dragon Oil's work through the Gulf of Suez Petroleum Company (GUPCO) with the Egyptian General Petroleum Corporation (EGPC), noting the use of digital technologies and Artificial Intelligence to increase output.
Both sides agreed to form a joint working group. The group will develop plans to expand Emirati investments and assess opportunities in aviation fuel and exploration, including potential work in the Red Sea.