China Petroleum and Technology Development Corporation (CPTDC) will invest approximately $10m in Egypt, Li Qitang, Egypt’s Chief Office Representative, told Daily News Egypt.

The company is planning to use the investment to build oil producing equipment locally. According to Li, the $10m are part of first stage investments to be injected in the country, after which the company will pump more investments in Egypt.

“We are currently trying to find a local partner from the public sector in Egypt so that we can go forward with the investment plan,” Li said. The company has been holding talks with local petroleum companies in Egypt. Li, however, did not disclose any names.

CPTDC is one of the biggest suppliers of oil equipment and it has been active in the Egyptian market for 10 years, Li highlighted.