Minister of Petroleum and Mineral Resources, Tarek El Molla, witnessed the signing between the Egyptian General Petroleum Corporation (EGPC) and US’ Apache of the regulation to manage the work of Khalda Petroleum Company, the Joint Venture between the two sides.

This is after the merger process that took place between Khalda and Qarun Petroleum Company as a new entity under the umbrella of Khalda, which came as a result of the project to develop and modernize the sector to establish a new entity capable of achieving higher efficiency results and performance in the field of research, exploration, and production of oil and gas.

The agreement was signed by Alaa El Batal, EGPC’ Chairman, and David Chi, Vice-President of Apache Corporation and Country Manager for Apache in Egypt.

El Molla stated that the signing represents a beginning of a new phase to work more efficiently through the merged entity and develop the volume of business, thus paving the way for increasing productivity and achieving tangible and more efficient results on the ground.

The signing of this agreement represents a cornerstone for formalizing the implementation of a modern governance system within the company as one of the most important aspects of development in the new merged entity.

For his part, Chi said that Apache is open to investing for long decades in Egypt and is looking forward to achieving the best results through a distinguished partnership with the Egyptian oil and gas sector.