The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, witnessed the agreement signing for the development of Badr Petroleum Company (Bapetco), which comes among the initiatives announced during the opening of the Egypt Petroleum Show (EGYPS 2018) to modernize oil firms, Egypt Oil & Gas reports.

The agreement was signed by the Egyptian General Petroleum Corporation (EGPC)’s Head, Abed Ezz El Regal, and the Vice President Upstream, Country Chair & Managing Director of Shell Egypt, Gasser Hanter, on the sidelines of EGYPS 2018.

The initiative comes in light of the sector’s Modernization Program, which aims at boosting production and developing producing fields, as well as enhancing projects’ economics, rationalizing production costs, boosting performance, while meeting quality standards and developing human capacity, El Molla pointed out.