The Korea National Oil Corporation (KNOC) Chairman, Suyeong Yang stated that the company aims to expand its investments in Egypt to strengthen the bilateral relationship between the two countries, as well as promote the active investment climate in Egypt, Egypt Oil & Gas reports.

This came as Tarek El Molla, the Minister of Petroleum, welcomed Yang and the accompanying delegation of Dana Petroleum, as they reviewed the company’s operations in the Suez gulf, Eastern and Western Deserts and North Sea regions.

Yang stated that the company’s total production of crude oil reached 12,000 barrels per day (b/d).

From his side, El Molla emphasized the strong relationship between Egypt and South Korea which boosts Korea’s activities in Egypt.

Moreover, Yang pointed out to their interest in participating in the new bids held by the petroleum sector in the upcoming period, also that their policy aims to increase the crude oil production from new geological structures, which will open new prospects and increase the production rate.