Cairo – Mubasher: Petroleum Minister Tarek el-Molla met chairmen of both Powerchina and Methanex to discuss available investment opportunities in the Egyptian oil and gas sector, according to the petroleum ministry’s statement on Sunday.
Powerchina is seeking to boost its investment in Egypt's oil and gas sector, particularly in the petrochemical projects, the statement added.
Powerchina showed its projects in the North African nation, including two power plants in Banha and North Giza, company chairman Yan Zhiyong said, stressing Powerchina’s keenness to expand into Egypt in the coming period on the back of its plan to be a regional energy hub.
In the same vein, El Molla held talks with Methanex chairman Brad Boyd to boost its investments in the Arab world's most populous country by adding a new production line.
Methanex’s current production amounted 1.3 million tonnes of methanol, the statement said.
The petroleum ministry and Arab Petroleum Investments Corporation (APICORP) own a stake of 33% and 17%, respectively, of Methanex's unit in Egypt, while the Canada-based parent company owns the remaining stake.
In September 2017, Egypt’s gas output hit 5.2 billion cubic feet per day (bcfd), boosted by putting West Delta gas fields on the production line, the ministry’s data showed.
The petroleum ministry seeks to increase gas output to 6.4 bcfd by mid-2018.
