Petroleum Cooperative Society Company (COOP) will invest EGP 50 million in the construction of seven new petrol stations after they concluded an agreement with Kafr El-Sheikh governorate, Egypt Oil & Gas reports.

The protocol was signed by governor of Kafr El-Sheikh, al-Sayed Nasr, and COOP Head, Samir Rizk, in the attendance of Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, who stated that the ministry is delivering several projects in order to develop services in governorates and meet local demand.

The deal comes in light of the utilization of state-owned assets and resources in accordance with Egypt’s Vision 2030, the government’s long-term strategy for sustainable development.

COOP will employ its expertise and capabilities in the field of filling stations in the implementation of the project through exploiting the lands of Kafr El-Sheikh, which is suitable for the establishment of stations to achieve the optimal goal to take advantage of these assets, stated Rizk.