Meeting Focus: Eng. Hani Sonbol, CEO of ITFC, and Eng. Karim Badawi, Egyptian Minister of Petroleum, discussed enhancing cooperation between the Ministry of Petroleum and ITFC to support Egypt’s petroleum sector.
Ongoing Support: Since 2008, ITFC has been providing annual funding to the Egyptian General Petroleum Corporation to facilitate the purchase of crude oil and petroleum products, aiding Egypt in navigating global economic challenges.
Future Collaboration: The meeting reviewed the progress of existing initiatives and explored new opportunities for collaboration, emphasizing continued partnership to drive modernization and stability in Egypt’s energy sector.
Jeddah, September 8, 2024—Eng. Hani Sonbol, the Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC), held a significant meeting with Eng. Karim Badawi, the Egyptian Minister of Petroleum and Mineral Resources, yesterday.
The primary focus of their discussion was on exploring and enhancing cooperation between the Ministry of Petroleum and the ITFC. This collaboration aims to further bolster the development and modernization of Egypt’s petroleum sector, an area where ITFC has been a dedicated partner since 2008.
Over the years, ITFC has played a crucial role in supporting Egypt’s petroleum industry by providing substantial annual funding to the Egyptian General Petroleum Corporation. This financial assistance is vital for securing the purchase of crude oil and petroleum products, particularly given the recent global economic uncertainties that have affected markets worldwide. The support from ITFC has been instrumental in helping Egypt navigate these challenges and sustain its energy sector’s growth and stability.
During the meeting, both parties reviewed the progress of their ongoing initiatives and discussed potential new avenues for collaboration. They addressed current and future needs of the Egyptian petroleum sector, emphasizing the importance of continued partnership to overcome emerging challenges and capitalize on new opportunities.
The dialogue underscored the strong commitment of both ITFC and the Egyptian Ministry of Petroleum to work together in driving forward the sector’s modernization and ensuring a steady supply of essential energy resources. The discussions are expected to pave the way for enhanced cooperation and innovative solutions in the years to come.