El Molla meets Edison CEO to discuss current projects in Egypt
The Minister of Petroleum & Mineral Resources, Eng. Tarek El Molla, met with Mr. Marc Benayoun, Chief Executive Officer of Edison International Group and President of the Board of Directors, where they discussed boosting bilateral relations and investment opportunities along with reviewing the executive status of projects currently being carried out by Edison in Egypt.
The Minister pointed out that his meetings with heads of major international petroleum companies operating in Egypt confirms that there is a strong will to increase the aspects of joint cooperation and the expansion of investments needed to speed up the implementation of these projects. Egypt is still attractive with its various petroleum activities, emphasizing the success of the existing partnership between the two sides.
Mr. Marc Benayoun, Chief Executive Officer of Edison International Group and President of the Board of Directors, said he was confident more gas would be discovered. He added the fact that Egypt already had plenty of spare capacity in its existing gas pipelines and other infrastructure meant new production costs were competitive.
“We find that there have been very competitive costs and operating costs in a context of volatile prices. This is an area where we think we will continue to make investments and develop as opposed to other regions, which are higher in cost,” he said.
(Source: Ministry of Petroleum)