Minister of Petroleum and Mineral Resources Karim Badawi met with Abdulkarim Abdullah Al-Mutawa, Chairperson of the International Pipe Industry Company (IPIC), to discuss strengthening local industrial capabilities and expanding investment in Egypt's petroleum sector. During the meeting, the two sides reviewed IPIC's activities, with particular focus on the company's factory in Port Said—established through joint Egyptian-Kuwaiti investments—as a successful model of industrial localization. The facility produces high-quality steel pipes and elbows used in oil and gas projects, infrastructure, transportation, and irrigation systems. Minister Badawi emphasized that promoting local industry is a national priority, given its critical role in reducing Egypt's import bill and increasing reliance on domestically manufactured components. He noted that the Ministry fully supports projects that contribute to industry localization, attract foreign and regional investment, and boost added value in the petroleum sector. "The investment environment in Egypt is undergoing major positive transformations," Badawi said, "with significant incentives to encourage participation in energy, petroleum, and gas industries—particularly from Arab partners." He added that the government is focused on offering promising investment opportunities while supporting the shift to renewable energy, including maximizing the use of natural gas in local manufacturing to generate greater economic returns. For his part, Al-Mutawa praised Egypt's investment climate and highlighted the strength of its engineering and technical workforce. He noted that IPIC's Port Said facility is fully operated by Egyptian professionals and benefits from the country's robust infrastructure, government support, and political stability—all essential ingredients for investment success. He also expressed appreciation for the ongoing support from the Ministry and Egyptian stakeholders, especially Petrojet, which played a key role in the project. The meeting concluded with both parties agreeing to explore further expansion opportunities in line with Egypt's strategy to enhance local manufacturing and reduce dependency on imports. The Kuwaiti delegation affirmed its interest in increasing investment in Egypt, citing the country's favorable conditions for long-term industrial growth.
