Minister of Petroleum and Mineral Resources Tarek El Molla met with Wang YueTao, Chairman of China ZhenHua Oil Co.Ltd., who led the delegation from North Petroleum International Company (NPIC), a subsidiary of China ZhenHua Oil Co.Ltd.

During the meeting, El Molla affirmed the petroleum sector’s keenness to cooperate and provide aspects of support to the Chinese company, which plans to expand its business volume in Egypt in the field of oil and gas research and production. He praised the commitment of the Chinese company to its business and investments during the last period as an important partner for the petroleum sector.

El Molla explained that the petroleum sector works to attract investments in order to increase the production of petroleum. He pointed out that this is the main goal in the sector’s strategy and he welcomes the support of committed partners.

The minister highlighted the speed of starting joint work with the Chinese company to develop the volume of its business. This is especially given the availability of promising opportunities for investment in concession areas for oil and gas exploration and production.

El Molla affirmed interest in increasing joint Egyptian-Chinese investments, pointing to the success of the Egyptian-Chinese partnership in successfully manufacturing the first oil rig locally.

For his part, the head of the Chinese company confirmed that his company is looking forward to strengthening its presence and expanding in Egypt in new areas and pumping investments to increase crude oil production. Yutao referred to the Chinese government’s tendency to enhance strategic cooperation with Egypt, especially in the oil sector.

Yutao referred to the ambitious programs the company intends to implement to increase the production of crude oil and gas in the Western Desert. He added that his company held extensive discussions with the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) during the past period to discuss opportunities for increasing cooperation and investments.

The company’s president expressed the company’s desire to sign a memorandum of understanding for cooperation with EGAS. He also referred to the desire of the Chinese company in the future to discuss opportunities to work in the gas trade  in Egypt.

It is noteworthy that the Chinese company started its operations in Egypt in 2014 and invests in research, exploration and production of oil and gas in the North West Gemsa region in the Eastern Desert through the Petro Amir Company. This is in addition to the East Ghazalat region in the Western Desert by 100%, and contributes about 35% in Alam El Shawish West region in the Western Desert.