Egypt’s energy industry is heading into a new phase of growth with the public and private sector signing several framework agreements with international companies to develop the country’s downstream sector.
At the launch of the fourth edition of Egypt Petroleum Show 2020 (EGYPS) on Tuesday, the country’s energy ministry announced several Memorandum of Understanding (MOU), among which was the Suez Canal Corridor Petro-Refinery Complex.
Egyptian Petrochemicals Holding Company (EChem) and Bechtel signed the MOU for the project that aims to fast-track the mega metro-refinery complex project to achieve 20 per cent growth in local production of value added petrochemical products.
Another MOU was signed between the Ministry of Petroleum and Mineral Resources, Egypt and BP for middle management training. This agreement is aimed at ensuring the continuous development of Egypt’s petroleum sector youth over the next three years to deliver future leaders to guarantee a successful future.
A third MOU was signed between the Egypt Petroleum Company (EGPC) and Schlumberger to build, operate and transfer Egypt’s Upstream Gateway (EUG).
This agreement will focus on digitally promoting Egypt’s oil and gas bid rounds for seamless online access to sector project data to attract international investors.
Additionally, BP and Schlumberger also signed an MOU to cooperate in the digitisation of the East Mediterranean gas upstream market.
Speaking during the EGYPS conference on Tuesday, His Excellency Tarek El Molla, Minister of Petroleum and Mineral Resources of Egypt said the country is heading towards the next stage of growth, having already embarked on a fast-tracked plan to explore and develop the country’s oil and gas resources.
“We’re looking at the second phase now, with a focus on small and medium-sized companies in the downstream sector to use our oil and gas resources to produce value-added products,” he said.
Last year, the country in a bidding round announced several awards to international IOCs to explore and develop local resources.
Separately, Egypt and Somalia’s Ministry of Petroleum and Mineral Resources signed an MOU to encourage and enhance cooperation in oil, gas and mineral resource fields, especially between the public and private sector companies.
Meanwhile, the Ministry of Mines and Hydrocarbons of Equatorial Guinea signed an MOU with Egypt’s Petrojet to implement oil and gas projects in Equatorial Guinea.
Additionally, Egypt’s EGPC and Chile’s state oil company Empresa Nacional Del Petróleo (ENAP) signed an MOU for technical collaboration between Egypt and ENAP.
Lastly, Egypt’s Ministry of Petroleum and Mineral Resources signed an MOU with Shell, Egypt for a middle management development programme for the ministry.