Egypt has been keen to invest in the Arab region in order to boost international cooperation between the region’s countries, the Arab Weekly reported.
Two seismic surveys in the Red Sea and southern Egypt have been carried out, which encourages the Ministry of Petroleum (MoP) to submit tenders to international oil companies (IOCs) and promote exploration and production (E&P) in the region, said Tarek El Molla, Egyptian Minister of Petroleum.
To promote international cooperation, state-owned Petrojet company has been developing the second phase of Iraq’s al-Zubair gas project, for the Oil Projects Company,
The company further signed a partnership agreement with Iraqi General Company for Heavy Engineering in order to boost cooperation, El Molla noted.
El Molla also said that the ministry in cooperation with the Egyptian company Engineering for the Petroleum and Process Industries (ENPPI) is currently working on a gas pipeline project in northern Jordan.
Egypt completed establishing a gas treatment plant in Iraq’s Siba field, El Molla stated, adding “we will renew the contract for importing crude oil from Iraq for another year and with the same quantities.”