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UAE's Mubadala Petroleum seeks to boost investments in Egypt

UAE's Mubadala Petroleum is interested in expanding its oil investments in Egypt, especially in the Red Sea region, as well as  bidding in Egypt's international petroleum tender slated for  the end of 2018.

The remarks came during a meeting on Wednesday between Egyptian Petroleum Minister Tareq El-Mulla and Mubadala Petroleum CEO Bakheet Al-Katheeri and Mubadala CEO for petrochemical refining Khalifa Abdullah Al-Romaithi.
 
The talks tackled means of promoting bilateral cooperation in view of the company's keenness on investing in Egypt's petroleum sector.

Last month  Mubadala Petroleum and Italy’s Eni signed an agreement to purchase a 10 percent stake in the Egyptian Shorouk Concession. The stake in the offshore Shorouk Concession encompasses the giant Zohr gas field located in the Mediterranean Sea.
 
Mubadala Petroleum is an international, upstream oil and gas exploration and production company. We are a wholly-owned subsidiary of Mubadala Investment Company (Mubadala), which is owned by the Government of Abu Dhabi. Mubadala Petroleum manages assets and operations spanning eight countries with a primary geographic focus on the Middle East and Southeast Asia. In 2017, our average working interest production was around 320,000 barrels per day of oil equivalent.

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