Egyptian Minister of Petroleum, Tarek El Molla, met with China’s Sinopec’s CEO, WANG Yupu, and delegation along with the Chinese Ambassador to Egypt, Apache’s CEO, David Che, and First Undersecretaries of the Ministry of Petroleum, Mohamed Taher, Mohamed Moanes, and Ashraf Farag, reported Egypt Oil&Gas citing the Ministry’s press release.
El Molla pointed out that Sinopec started working in Egypt through acquiring 33% of Apahe’s concession in the Western Desert in August 2013 for $3.1b and its contribution in the establishment of Sino Tharwa for drilling along with Tharwa Petroleum Company which paved the way to attracting Chinese investments to the fields of exploration, drilling and production.
The Minister stated that in the meeting they discussed and reviewed collaborative plans and ways to boost cooperation in engineering services, refineries and petrochemicals as well as transmission technologies.
Meanwhile, Yupu said that Egypt is a promising market in crude and derivatives trade and that investing in Egypt is among China’s vision to expand investments. He added that the Egyptian economic reforms and restructuring the oil and gas sector give investment chances. Yupu pointed out that the company is keen to execute a petrochemical project in the Economic Zone in Suez and that investing in infrastructure, pipelines and warehouses is of interest to Sinopec.