President Abdel Fattah El-Sisi received the CEO of BP, Bernard Looney, in the presence of Minister of Petroleum and Mineral Resources, Tarek El-Molla, and the company's regional president for the Middle East and North Africa, Nader Zaki
The Official Spokesman for the Presidency stated that the President commended the British company's growing activities and investments in Egypt and its contribution to the exploration and production of gas and oil. It was noted that these efforts support this sector in a pivotal way and enhance efforts aiming to transform Egypt into a regional hub for oil production and energy trading.
El-Sisi stressed the importance that the state attaches to the participation of international companies and the private sector in the fields of oil, gas and renewable energy, highlighting Egypt's aspiration to enhance the existing cooperation with the British global company, including the field of emissions reduction, energy transition, and green hydrogen production. These efforts are made to increase exploration and production and help the state make most use of its resources for the benefit of current and future generations.
Looney expressed his honour and appreciation for meeting the President, stressing the centrality of the strategic partnership between Egypt and the company that spanned over 60 years. He praised what Egypt has achieved under the leadership of El-Sisi in terms of development, especially in the field of infrastructure, which reflects positively on various investment paths, especially with regard to energy and renewable energy. This is in addition to the ongoing regional cooperation projects in the eastern Mediterranean for the transportation and liquefaction of gas, as well as for electric interconnection.
Looney also presented the company's investment plans with its partners in Egypt during the next three years in the areas of research, exploration and development, explaining that they amount to US$3.5bn. He also noted the ongoing efforts made in cooperation with the Ministry of Petroleum to support capacity building of human cadres working in the field of energy in Egypt, in addition to the company's keenness to play its role in terms of social responsibility by providing scholarships for Egyptian youth to study in major British universities.