Egypt and Venezuela discuss cooperation opportunities in the oil and petrochemical sectors

The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with the Venezuelan Minister of Foreign Affairs, Yvan Gil Pinto, and his delegation, visiting Egypt to explore ways of strengthening cooperation in various fields. The meeting focused on potential areas of collaboration between the two countries in the oil, gas and petrochemical sectors.

The Venezuelan minister expressed his satisfaction at the "fruitful meeting" he had with several Egyptian oil companies. He stressed the importance of reactivating the Egyptian-Venezuelan joint committee and strengthening the partnership with Egyptian oil companies, given their remarkable experience and capabilities. He also mentioned that Venezuela currently produces around one million barrels of crude oil per day, and aims to double this and increase exports. He stated that Venezuela is experiencing rapid growth in oil projects as part of its economic recovery phase, and that it needs Egyptian technical and administrative expertise. In addition, he suggested expanding cooperation with Egypt in the mining sector, given that Venezuela has significant untapped mineral wealth.

El Molla, for his part, emphasized the strong historical political and economic ties between the two countries, and the oil sector's full readiness to support and expand cooperation. He added that Egyptian companies in the oil sector had acquired remarkable experience and qualifications in recent years in the design, implementation and management of major projects inside and outside Egypt.

He also recalled that the oil sector had cooperated with Venezuela in the past to implement several projects, such as hosting more than 70 Venezuelan engineers for theoretical and practical training at Enppi's training centers. He declared that Egypt was fully prepared to resume the channels and modalities of cooperation.

The meeting concluded with agreement on the formation of a working team comprising experts from both parties to draw up a roadmap for cooperation in the coming period in various oil fields. This should lead to a memorandum of understanding to be signed within this framework. In addition, a delegation from the Egyptian oil sector is scheduled to visit Venezuela to discuss proposed aspects of cooperation.