Foreign and Egyptian banks in Egypt are becoming active partners in the field of oil and petrochemical industries thanks to the high profitability and economic viability of these projects.
The Egyptian Minister of Petroleum Eng. Sameh Fahmy witnessed the signing of a financing agreement in which Egyptian banks participate with nearly $380 million loan in the establishment of the $950 million Egyptian Agrium Company for Nitrogenous Products.
Petzed, a fully owned subsidiary of National Petroleum Company (NPC), achieved a new commercial oil discovery in South Abou Zeneima, announced the Egyptian Ministry of Petroleum in a statement.
Regal Petroleum announces that Apache East Ras Budran Corp. LDC as operator of the East Ras Budran Concession in Egypt has spudded exploration well ERB-A-1X.
Melrose provides update of the results of its continuing drilling program in Egypt. The West Dikirnis No.9 has been drilled as a development well in the western part of the field.
PGNiG SA was informed that the bid submitted by the company for exploration on Bahariya 3 Block in Egypt was accepted by Egyptian General Petroleum Corporation. It was the first bidding round for exploration concessions in Egypt in which PGNiG submitted its bid.
Dana Gas, the Middle East private-sector natural gas company, has announced a new gas and condensate discovery from its El Wastani West-2 well (EWW-2).
Preparations are underway for two oil refining and petrochemical projects worth $3 billion to be carried out in Egypt with joint Kuwaiti and Bahraini investments, said Egypt's Minister of Petroleum Sameh Fahmy.
Eng. Sameh Fahmy, Minister of Petroleum, accompanied by General Seif El Din Galal, Suez Governor visited the Egyptian – German joint factory for producing oil and gas pumps at Suez city, with investments of about L.E. 150 million.