Arab Finance: Dr. Mostafa Madbouly, Prime Minister, witnessed a signing ceremony at the government headquarters in the New Administrative Capital 4 memorandums of understanding A new project with the aim of studying and researching the possibility of exploring, producing and developing oil and natural gas fields, in the presence of Engineer Karim Badawy, Minister of Petroleum and Mineral Resources, between the Ministry of Petroleum and Mineral Resources, represented by the Egyptian General Petroleum Corporation, and a number of companies. They are: Hassan Allam Holding-Infinity Capital Investment Alliance, Ezz Steel Company, El Sewedy Industrial Group EIG, and Advanced Petroleum Services Group.
On the sidelines of the signing, Engineer Karim Badawi confirmed that the signing of the new memorandums of understanding; It comes in light of the directives of the political leadership and the Prime Minister to work to increase production of oil and natural gas.
He added: The signing of the four memorandums of understanding also comes within the framework of the efforts of the Ministry of Petroleum and Mineral Resources to work to attract investments in the fields of exploration, production, field development, and to advertise and promote the available investment opportunities that are marketed through the Egypt Exploration and Production Gateway (EUG), as well as within the framework of the ministry’s efforts. To encourage Egyptian investors to increase production from obsolete fields in the Eastern and Western Desert and the Gulf of Suez, in order to increase production rates and meet the needs of the local market and to achieve the state’s direction in this regard, as it was agreed with a number of national investors to sign the aforementioned memorandums of understanding in the field of exploration and production. And development of oil and natural gas fields.
The Minister of Petroleum and Mineral Resources indicated that the four memorandums of understanding aim to study and explore the possibility of the signatory companies participating in the investment opportunities available in the field of research and exploration through the Egypt Exploration and Production Gateway, especially the development of obsolete fields in the Gulf of Suez and the Eastern Desert.
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