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|12 June, 2018

Egypt, Australia mull collaboration in oil exploration, mining

The minister is looking forward to seeing investments of Australian firms in Egypt thrive

Image used for illustrative purpose. The Mostord oil refinery in Cairo, May 6, 2008.

Image used for illustrative purpose. The Mostord oil refinery in Cairo, May 6, 2008.

REUTERS/Nasser Nuri

Cairo –   Egyptian petroleum minister Tarek El Molla was in talks with the Australian ambassador to Cairo Neil Hawkins over reinforcing coordination between both countries in oil, gas, and mining sectors.

Both parties have discussed the means to attract Australian firms to invest in Egypt, mainly in metal exploration projects.

The ministry plans to encourage investment in metal industries projects to boost the metals’ added value in accordance with the optimum economic strategy for metal exploitation, El Molla said.

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The minister is looking forward to seeing investments of Australian firms in Egypt thrive, particularly in the mining field, including gold mining.

President Abdel Fattah El-Sisi had said last May that Egypt settled over $4 billion in arrears for foreign oil companies in the past period.

Source: Mubasher

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