Minister of Petroleum and Mineral Resources, Tarek El Molla, has witnessed the signature of a memorandum of understanding (MoU) between Petrojet and Baker Hughes, for maximizing their cooperation in projects designing and implementation, a press release reported.
The MoU was signed by Waleed Lotfy, Petrojet’s Chairman and Tamer Nasser, Director and General Manager, Baker Hughes, Egypt and Sudan. The new agreement also deepens the cooperation in the field of supplying specialized petrochemicals and its different usages that include improving wells productivity, petrochemical transportation, warehouse tests, extracting sulfur and carbon dioxide from the crude and industrial treatment.
The signature ceremony was held during a meeting between the minister and a delegation from Baker Hughes to discuss ways of enhancing cooperation in designing and implementing projects as well as manufacturing equipment.
During the meeting, El Molla referred to the changes in the international energy industry in line with the global trend towards green energy through reducing carbon dioxide emissions. He added that this will emphasize the importance of the role of the Eastern Mediterranean Gas Forum (EMGF) in providing a part of the global needs of natural gas.
El Molla also elaborated that the coming period will witness an increase in petroleum investments and activities as International Oil Companies (IOCs) are showing interest in expanding their operations in Egypt.
For his part, Uwem Ukpong, the Executive Vice President, Baker Hughes, praised Egypt’s efforts in establishing EMGF, stressing Baker Hughes’ interest in diversifying its operation portfolio.