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Monday, 8 April 2019

Egypt to work with Saudi Arabia on oil and gas exploration in the Red Sea

Egypt to work with Saudi on oil and gas exploration in Red Sea: The Oil Ministry is planning to cooperate with Saudi authorities in oil and gas exploration in Red Sea concessions, Oil Minister Tarek El Molla told The National on the sidelines of the World Economic Forum that kicked off at the Dead Sea resort city in Jordan yesterday. Egypt recently launched a tender for 10 blocks off the Red Sea coast neighbouring those of Saudi. The tender announcement came after the kingdom made major natural gas discoveries on its side. El Molla also met with his Saudi Arabian counterpart Khaled El Faleh for talks during the forum, according to a ministry statement.

Also from the forum:

  • Egypt and Jordan will launch a joint investment cooperation council, Investment Minister Sahar Nasr said;
  • Trade and Industry Minister Amr Nassar met with representatives of major companies to discuss potential opportunities, the ministry said. Nassar’s meetings included talks with Japan’s Sumitomo Electric CEO Masayoshi Matsumoto and Procter & Gamble Near East Vice President Tamer Hamed to discuss their companies’ operations in Egypt.

Correction: 9 April, 2019

An earlier version of this article mistakenly referred to Khaled El Faleh as the Jordanian oil minister.

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