Loic Vivier, Vice President of ExxonMobil Product Solutions, has revealed the company’s ambitious strategy to increase its investments in Egypt while strengthening its commitment to the nation’s oil sector. This development was unveiled during a high-level meeting between Vivier and Egypt’s Minister of Petroleum, Tarek El-Molla, over the weekend, where both parties explored potential investment opportunities in petroleum product marketing and distribution, chemicals, and oils.
Minister El-Molla emphasized the allure of recent investments in Egypt’s oil and gas sector, attracting ExxonMobil to venture into natural gas exploration for the first time in the company’s history of operation within Egypt. El-Molla further affirmed that ExxonMobil’s exploration and drilling activities are proceeding smoothly, with the anticipation of commencing oil production from an ExxonMobil oil well in the coming months.
ExxonMobil boasts a storied legacy as one of the pioneering companies involved in the marketing of petroleum products and oils within the Egyptian market, with a history that spans nearly 120 years. This journey began with the registration of the Vacuum Oil Company, a precursor to Mobil, in Egypt. By 1939, an affiliate of the Standard Oil Company of New Jersey (Jersey Standard), Exxon’s predecessor, had initiated oil exploration activities in Egypt. In 1946, Jersey Standard achieved a significant breakthrough by discovering oil in Sinai and RasMatarma.
Today, ExxonMobil maintains a robust presence in Egypt, operating a network comprising more than 350 service stations, over 40 Mobil 1 centers, and an array of industrial products, lubrication programs, and services. The year 2000 witnessed the establishment of Exxon Mobil Egypt (S.A.E.) following a merger between Esso Standard Near East and Mobil Oil Egypt.
In a strategic move last June, ExxonMobil Egypt joined forces with Mansour Automotive to offer premium lubricants to Opel customers in Egypt.
January 23, 2024 - BY Admin