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Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi met a delegation from ExxonMobil to discuss enhancing cooperation in the production, distribution, and marketing of synthetic lubricants, according to a statement.
The meeting also addressed opportunities for collaboration in petroleum refining in line with the ministry’s ambitious plans to modernize and upgrade the efficiency of refineries.
Both sides further discussed avenues to expand activities related to the production and distribution of high-quality lubricants, leveraging ExxonMobil’s strong manufacturing base in Egypt through its facilities in Alexandria and 10th of Ramadan City.
Meanwhile, the delegation affirmed that Egypt represents a strategic market for ExxonMobil and a promising regional hub for expanding exports to markets in Africa, the Middle East, and Europe.
They also lauded Egypt's advanced infrastructure and manufacturing capabilities, noting that locally produced lubricants are currently exported to over 30 countries, with targets to reach 45 countries.
The delegation also expressed the company’s interest in scaling its investments in manufacturing, technology, and production of high-quality synthetic lubricants.
In March, President Abdel Fattah El-Sisi received the Vice President of Global Exploration at ExxonMobil John Ardill, and followed up on the company's ongoing exploration activities in Egypt.
Ardill noted back then that ExxonMobil was cooperating with QatarEnergy to scale exploration activities across the two concession areas in the Mediterranean.
The two companies plan to begin a drilling program in the Eastern Mediterranean by the end of 2026, starting with the drilling of an exploratory well in Masry and Cairo.
