Minister of Petroleum and Mineral Resources Tarek El Molla welcomed James Robert Maguire, Chairman of the Carlyle Group, Matios Rigas, Chairman of Energiaan Greece, and Parminder Singh, Executive Director of the Carlyle Group. The meeting discussed Carlyle’s acquisition of Energiaan’s assets in Egypt, Italy and Croatia as part of the Group’s strategy to expand its oil, gas and energy businesses, particularly in the Mediterranean region.
El Molla appreciated the global group’s ambition to operate in Egypt and the region by establishing a subsidiary dedicated to exploration and production in the Mediterranean. He stressed that the entry of new oil companies into the Egyptian oil sector is a sign of the attractiveness of investment opportunities in oil and gas. He also expressed optimism about further successes with Carlyle, similar to Energiaan’s effective contribution in the Egyptian oil sector.
The Oil Minister stressed the importance of intensifying exploration and research activities, adhering to the scheduled work programme and making discoveries to support reserves and increase production.
James Robert Maguire, Chairman of the Carlyle Group, said that Carlyle sees a bright future in Egypt’s oil and gas sector and aims to invest heavily in it. He highlighted Egypt’s attractive investment opportunities and flexible business environment. Maguire said that the group plans to bring advanced technology to deep exploration activities that were not previously possible.
Maguire also noted that the group is working on a strategic plan to expand its activities in the Mediterranean region, contribute to increasing Egypt’s oil and gas production, and transform the country into a hub for the reception and distribution of the group’s production in the Mediterranean.
The Carlyle Group is known for its work in private equity, global credit, infrastructure and natural resources. The Group owns a significant global energy platform that invests in the development of new energy pathways and has a strong track record of helping oil and gas companies implement decarbonization strategies.
The meeting was attended by Alaa El Batal, CEO of the Egyptian General Petroleum Corporation (EGPC), Yasser Mohamed, Chairman of the Egyptian Natural Gas Holding Company (EGAS), and Samir Raslan, Undersecretary for Treaties and Exploration.
