Kuwait Petroleum Corporation eyes boosting mutual investments with Egypt

Egyptian Petroleum Minister Tarek El-Molla received Friday a mission from Kuwait Petroleum Corporation (KPC) to discuss means of diversifying and upgrading mutual investments to achieve joint strategic goals of two states.

The delegation was headed by Managing Director of International Marketing at KPC, Nabil Bourisli.

During the meeting, the two sides have talks about increasing shipping and storing facilities in locations of Sidi Kerir Petrochemicals Company – Sidpec and Arab Petroleum Pipelines Company- SUMED in Ain Sukhna to make use of the strategic location and available basic infrastructure .

They also discussed creating new trade activities such as supplying ships, products trade, besides providing petroleum services to cope with current needs as pursuant to executing Suez Canal Axis development project.

El-Molla and Bourisli discussed establishing new projects in refining and petrochemicals fields among the strategy of Egyptian ministry to convert Egypt to a regional energy hub.

On his side, Bourisili noted that this approach copes with Kuwaiti strategy to boost production to 4 million barrels by 2020 and to make use of Egypt’s strategic location.

The official added that Kuwait keens to enter African markets starting from Egypt as they are prominent ones.