Egyptian President Abdel Fattah El-Sisi welcomed BP’s CEO, Bernard Looney, during a meeting attended by Minister of Petroleum and Mineral Resources Eng. Tarek El-Molla and BP’s regional president for the Middle East and North Africa, Nader Zaki.
In a statement released by the Presidential Spokesman, it was highlighted that President El-Sisi lauded BP’s expanding presence and investments within Egypt, acknowledging the company’s significant contributions to gas and oil exploration and production. These endeavors play a vital role in bolstering the energy sector, which aligns with Egypt’s ambitions to become a prominent regional hub for energy trading and oil production.
The President underscored the nation’s commitment to engaging international corporations and the private sector in oil, gas, and renewable energy ventures. He emphasized Egypt’s keenness to enhance its collaboration with BP, particularly in areas related to emission reduction, energy transition, and the production of green hydrogen. These initiatives are geared towards maximizing resource utilization for the welfare of both current and future generations.
Bernard Looney expressed his gratitude for the opportunity to meet President El-Sisi, underscoring the deep-rooted strategic partnership that spans over six decades between Egypt and BP. He praised Egypt’s developmental achievements under President El-Sisi’s leadership, particularly in infrastructure, which has generated positive impacts across various investment avenues, notably in energy and renewable energy. Furthermore, Looney highlighted ongoing regional projects in the eastern Mediterranean focused on gas transportation, liquefaction, and electric interconnection.
Looney also shared BP’s investment roadmap for the upcoming three years, outlining plans to allocate $3.5 billion in collaborative projects with Egyptian partners, encompassing research, exploration, and development initiatives. He also pointed out ongoing efforts, in conjunction with the Ministry of Petroleum, to enhance the skill set of energy professionals in Egypt. Moreover, he affirmed BP’s dedication to its corporate social responsibility by extending scholarships to Egyptian youth for studies in prestigious British universities.
The meeting between President El-Sisi and BP’s CEO further solidifies the longstanding alliance between Egypt and BP, as both entities continue to contribute to the growth and sustainability of Egypt’s energy landscape.
