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India, Egypt in talks over investments in oil sector

Group of Indian businessmen will be studying feasibility of new investments

The Egyptian government has announced that a group of Indian businessmen will be studying the feasibility of new investments in the Egyptian petroleum sector, reports

Sanjay Bhattacharyya, ambassador of India in Cairo, said that his country is interested in expanding its investment in Egypt, adding that a group of Indian businessmen will meet with officials in the oil sector to get better understand the investment opportunities available in various segments.

On Friday, Eng Tariq Al-Mulla, the Egyptian minister of petroleum and mineral resources, met Bhattacharyya and explored ways to boost bilateral relations between the two countries in oil, gas and petrochemicals for mutual economic benefits.

Al-Mulla said that they had discussed investment opportunities in the oil sector and the possibility of implementing joint projects in oil and gas, petrochemicals in addition to increasing intra-regional trade in petroleum products and crude oil.

Egypt’s relations with India date back to the beginning of the 20th century and the two countries have strong political and economic ties.