China's state-owned energy giant CNOOC has expressed interest in investing in Egypt's oil and gas exploration sector for the first time, Egypt's petroleum ministry said on Tuesday. The announcement came after a meeting in London between Petroleum Minister Karim Badawy and Hongwei Ma, Oversea Exploration Asset Coordinator at CNOOC, held on the sidelines of the World Energies Summit in London. According to the ministry statement, CNOOC is seeking to expand its footprint into the Middle East, identifying Egypt as its potential entry point. Discussions focused on investment opportunities in the Mediterranean and Red Sea, areas the Chinese company views as strategically important. Badawi said Egypt offers "promising exploration prospects and an attractive investment climate," adding that the Egypt Upstream Gateway (EUG) platform has made it easier for new global partners to enter the market. Attribution: Amwal Al Ghad English
