Minister of Petroleum and Mineral Resources, Karim Badawi, met with Dan Moore, Global Vice President of Lubricants at ExxonMobil, to discuss means of strengthening cooperation with the US oil and gas giant in the production, distribution, and marketing of high-performance synthetic greases.
The meeting further reviewed potential collaboration opportunities in petroleum refining, in line with the Ministry’s plans to modernize and improve refinery efficiency, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Both sides also explored opportunities to expand the production and distribution of premium lubricants, building on ExxonMobil’s strong manufacturing base in Egypt. With facilities in Alexandria and 10th of Ramadan City, the company is positioned to meet rising domestic demand while supplying high‑quality products to the export market
ExxonMobil officials reiterated that Egypt is a strategic market for the company and a strong regional hub for export growth to Africa, the Middle East, and Europe. They cited Egypt’s advanced infrastructure and exceptional manufacturing capabilities, noting that locally produced oils are currently exported to more than 30 countries and are set to expand to 45 in the coming period.
The company expressed its desire to increase its investments in manufacturing, technology, and the production of high-quality synthetic greases. It also emphasized its pride in Egyptian expertise, which it described as a key pillar supporting its operations in Egypt and across several regional markets.
While traditionally known for Exploration and Production (E&P), ExxonMobil’s strategic focus in the Egyptian market is centred on advanced lubricants and synthetics, and downstream integration. It works in close cooperation with the Egyptian petroleum sector to modernize the supply chain for specialized industrial and automotive fluids.
In another expanded meeting, Badawi had a meeting with representatives of investment partners and senior petroleum sector officials.
He stressed Egypt’s commitment to meeting its financial obligations, pointing to the measures that have already reduced partners’ outstanding arrears from $6.1 billion in June 2024 to $714 million as of the end of April. He added that the goal is to fully settle these arrears by the end of June.
The Minister urged partners to proceed with the five-year plan aimed at maximizing domestic production and reducing reliance on imports. He noted that the Ministry is working to introduce investment incentives and apply modern business models in cooperation with service and technology companies to support horizontal drilling and hydraulic fracturing, intending to substantially increase output.
He added that these models include Integrated Project Management (IPM) and Lump Sum Turnkey (LSTK) contracts, alongside efforts to improve data quality and expand seismic surveys to strengthen investment decisions and reduce operational risks.
