The Minister of Petroleum and Mineral Resources, Karim Badawi, met with Azerbaijan’s Minister of Energy, Parviz Shahbazov, to discuss joint cooperation opportunities between the two countries in the oil and gas sector.
Both sides reviewed available capabilities and existing infrastructure to facilitate cooperation and knowledge exchange in means that serve mutual interests and strengthen economic partnership, the Ministry of Petroleum said on Wednesday.
The meeting took place on the sidelines of the Ninth International Seminar organized by the Organization of the Petroleum Exporting Countries (OPEC) on July 9-10 in Vienna, Austria.
The two Ministers explored cooperation opportunities in liquefied natural gas (LNG) and petroleum product trade, as well as available investment prospects in Egypt’s petroleum sector, particularly in exploration, production, and development of mature fields. They also looked into the possibility of cooperation between the Egyptian General Petroleum Corporation (EGPC) and the State Oil Company of Azerbaijan (SOCAR).
The meeting builds on the Memorandum of Understanding (MoU) signed between Azerbaijan’s Ministry of Economy and Egypt’s Ministry of Petroleum and Mineral Resources in June 2024 during the Azerbaijani President’s visit to Egypt.
Minister Badawi also met on the same day with the Secretary General of OPEC, Haithem El-Ghais, where the two sides exchanged views on global oil market developments and efforts to maintain balance and stability in energy markets amid geopolitical shifts and current volatility.
Badawi stressed the importance of continued dialogue between producers and consumers to ensure energy security and sustainability. He reaffirmed Egypt’s growing role as a reliable partner in promoting energy security regionally and globally, leveraging Egypt’s advanced capabilities in refining, transportation networks, storage facilities, and petroleum ports along with its strategic geographic location, which enhances Egypt’s position as a regional hub for petroleum trade and distribution among member countries and partners.
