Two Arab Energy Companies are willing to expand their work in the Egyptian petroleum sector, Al Borsa informed.
UAE’s Safwan Company devoted $2m for initial investments in the Egyptian oil market. The company’s Vice President, Hussein Al-Hashimi, said that it has been agreed with Tanmeya Company to conduct tests for its oil wells. He also added that the required equipment will arrive from India within two months.
Al- Hashmi praised investment laws in Egypt that accommodate a suitable environment to establish an integrated plan for the company to invest in Egypt.
On the other hand, Saudi’s Al Mousa Specialized Cables Company said that it is targeting to achieve sales of $35m during 2017 in the Egyptian market. Chief Financial Officer of the company, Hesham Monier, said that the company has received an approval from the Egyptian companies including Orascom Constructions Company, Arab Contractors Company and Petrojet to supply cables and wires.