The founding assembly of the Red Sea National Company for Refining and Petrochemicals (RSNCRP) has selected Major General Eng. Abdel Baset El Sayeh as its new Chairman, PFN reported.

RSNCRP is a joint venture (JV) between the petroleum sector and the National Service Projects Agency (NSPO) of the Egyptian Armed Forces. NSPO holds a 40% stake in RSNCRP.

As the former head of the Egyptian National Petroleum for Exploration and Development Company (ENPEDCO), El Sayeh has accomplished several achievements in the field of oil exploration and production (E&P).

ENPEDCO recently signed an agreement with the Egyptian General Petroleum Corporation (EGPC) to drill four exploratory wells in the Western Desert.