President El-Sisi Engages in High-Level Talks with BP CEO at EGYPS 2024

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CAIRO, Egypt, February 20, 2024/-In a momentous gathering at the Egypt Petroleum Show, EGYPS 2024, President Abdel Fattah El-Sisi engaged in discussions with BP’s Chief Executive Officer, Mr. Murray Auchincloss. The esteemed meeting, attended by Prime Minister Dr. Moustafa Madbouly, Minister of Petroleum and Mineral Resources Eng. Tarek El Molla, and BP Regional President for the Middle East and North Africa, Mr. Nader Zaki, highlighted BP’s significant contributions to Egypt’s energy landscape.

Addressing the gathering, Presidential Spokesman Counselor Dr. Ahmed Fahmy conveyed President El-Sisi’s commendation of BP’s remarkable endeavors and the expansive scale of its burgeoning investments in Egypt’s oil and gas sector. The President underscored the alignment of BP’s activities with Egypt’s ambition to emerge as a pivotal hub for energy production and trade, reaffirming the state’s commitment to facilitating international companies and private sector operations within the domain.

Furthermore, President El-Sisi lauded BP’s proactive stance in advancing clean energy transition and emissions reduction initiatives, expressing alignment with the imperative of a just energy transition. Notably, he emphasized Egypt’s dedication to fostering collaboration with BP, particularly in the sphere of green hydrogen production, to harness resources effectively for present and future generations’ benefit.

Mr. Auchincloss, in turn, expressed profound pride in the strategic partnership between Egypt and BP cultivated over decades. He commended Egypt’s balanced approach to energy sector development and transition to clean energy, citing the nation’s significant potential in this realm. Mr. Auchincloss reiterated BP’s commitment to an expansive partnership with Egypt, underscoring the company’s status as a leading investor in the Egyptian energy market.

Highlighting BP’s steadfast dedication, Mr. Auchincloss affirmed the company’s intent to enhance its investments in oil and gas exploration in Egypt. Egypt emerges as a priority destination for BP’s exploration investments, leveraging existing land and marine facilities to expedite development and production plans. These efforts aim to meet burgeoning local market demands and bolster energy surplus for exportation. With Egypt’s promising opportunities in view, BP plans to inject $1.5 billion in new investments for development and exploration activities, with potential for an additional $5 billion over the coming years.

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