LONDON: Egypt’s minister of petroleum and mineral resources said that there are investment opportunities in his country’s energy sector open for Emirati companies, Emirates News Agency reported on Thursday.

On the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference 2023, Tarek El-Molla said: “There has been significant progress in cooperation between the UAE and Egypt in the energy sector, in general, and in oil and gas, in particular, with ample opportunities for Emirati companies to expand.”

El-Molla cited many Emirati firms that are doing well in Egypt’s energy sector, such as ADNOC Distribution, which recently opened three service stations in strategic districts of Greater Cairo.

He highlighted the renewable energy partnership between the two countries, with a series of agreements signed by the Abu Dhabi Future Energy Company (Masdar) aimed at generating new and renewable energy at various sites in Egypt.

According to the minister, Emirati companies and investment funds are also considering acquiring shares in some government-owned enterprises, including fertilizer and petrochemical firms, demonstrating their confidence in the Egyptian market.

“The increasing Emirati investments in Egypt prove that the Egyptian market is promising and provides good returns on investment, and there will be further expansion in this area,” he said.

El-Molla said that the Egyptian petroleum sector’s investment plan ranges from $8.5 billion to $9 billion in areas such as research and exploration, production, development and operations.