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Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, held a high-level meeting with Parviz Shahbazov, Azerbaijan’s Minister of Energy, to explore new avenues for bilateral collaboration in the oil and gas industry. The discussion aimed at enhancing strategic cooperation and leveraging mutual capabilities in the energy sector.
According to a statement released by the Egyptian Ministry of Petroleum on Wednesday, the two ministers assessed their respective countries’ available resources, infrastructure, and technical know-how to foster a mutually beneficial partnership. Emphasis was placed on expanding knowledge-sharing frameworks and establishing sustainable economic cooperation between the two nations. The meeting took place on the sidelines of the Ninth International Seminar organized by the Organization of the Petroleum Exporting Countries (OPEC), held in Vienna, Austria, from July 9 to 10.
During the dialogue, both sides discussed potential collaboration in the liquefied natural gas (LNG) sector and the trade of refined petroleum products. They also reviewed investment opportunities within Egypt’s energy sector, particularly in oil and gas exploration, production activities, and the development of mature oil fields. A possible partnership between the Egyptian General Petroleum Corporation (EGPC) and Azerbaijan’s national oil company, SOCAR, was also considered.
This bilateral engagement builds upon the Memorandum of Understanding (MoU) signed in June 2024 between Egypt’s Ministry of Petroleum and Mineral Resources and Azerbaijan’s Ministry of Economy. The MoU was signed during the official visit of the Azerbaijani President to Cairo and serves as a foundation for broader economic cooperation in the energy sector. On the same day, Minister Badawi also held talks with Haithem El-Ghais, the Secretary General of OPEC. Their discussion focused on recent trends in the global oil market and the ongoing efforts to maintain balance and stability amid ongoing geopolitical tensions and energy price fluctuations.
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Minister Badawi highlighted the necessity of sustained dialogue between energy-producing and consuming nations to ensure long-term energy security and global market stability. He reaffirmed Egypt’s growing strategic role as a dependable partner in regional and global energy security. He emphasized Egypt’s advanced refining capabilities, expansive transportation and storage infrastructure, and key maritime ports—along with its prime geographic location—which collectively position Egypt as a central hub for petroleum trade and distribution across the region and among OPEC member states and global partners.