Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, met with a delegation from US-based Quantum Capital Group to discuss establishing a long-term investment portfolio in the country’s oil and gas sector.

Badawi pointed to strong upstream investment potential in the Eastern and Western Mediterranean and the Red Sea, and highlighted the ministry’s recent adoption of more flexible economic models, including the R-Factor system, to encourage investment in high-infrastructure-cost areas. He also cited the Egypt Upstream Gateway and Open Blocks system as tools helping investors access geological and technical data.

On the downstream side, Badawi noted Egypt operates eight world-class refineries and is pursuing a $4.5 billion programme to modernise them and add new processing units aimed at increasing production of higher-value petroleum products.

Source: zawya.com