Minister of Petroleum and Mineral Resources Tarek El Molla, accompanied by the Governor of Suez Abdel Majid Saqr and leaders of the petroleum sector, witnessed the delivery of the first Egyptian-made oil rig.

This took place in the factory of the Egyptian-Chinese Company for the manufacture of drilling rigs in Ain Sukhna

The minister witnessed the delivery of the rig to the Egyptian Drilling Company (EDC) to operate it within its fleet in the implementation of drilling and exploration programs in onshore areas.

El Molla explained that starting to manufacture rigs locally is a new and important step that enables the petroleum sector to make optimal use of its capabilities and accelerate its plans to drill wells to increase the production of oil and gas resources. He pointed out that this is essential at a time when demand for drilling rigs is growing as a result of the increase in oil activities driven by the rise in global oil prices.

The minister stated that the expansion of local manufacturing activities for oil and gas industry components provides an economic return and job opportunities.

El Molla noted that the completion of the first Egyptian-made drilling rig, with investments amounting to $6.5 million, is a model of fruitful economic cooperation between Egypt and China. He added that it also a successful model for developing cooperation to transfer manufacturing technology from China to Egypt as an alternative to importing. Most of the parts for the new excavator were manufactured locally by Egyptian hands, and some of them were provided from abroad.

El Molla congratulated and saluted the work team and the cadres that contributed to achieving this achievement. He also expressed his pride in the sector’s projects in the Suez Governorate, which alone includes a third of the petroleum activities in Egypt.

For his part, Saqr expressed his pride in the project and this remarkable achievement.