China’s Sinopec looks to expand petroleum works in Egypt

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Mon, 28 Aug 2017 - 10:59 GMT

 Oil field- Creative Commons via Pixabay

Oil field- Creative Commons via Pixabay

CAIRO – 28 August 2017: Chinese oil giant Sinopec Group is planning to increase their investments in the petroleum sector in Egypt, Vice Chairman of the company Ling Yiqun announced Monday, according to a statement from the Petroleum Ministry.

During a meeting with Minister of Petroleum Tarek El-Molla, Yiqun invited Molla to visit China to show him the latest Chinese technologies in the refineries and petroleum facilities.

On the other side, Molla told Yiqun that there are massive opportunities for Chinese companies to invest in during the upcoming period, such as oil and gas exploration, refining and petrochemicals sector.

Sinopec expanded its investments in Egypt in 2013 after it purchased 33 percent in American oil and gas producer Apache Corporation’s oil and gas business in the country for $3.1 billion.

The company’s business in Egypt is also represented in its joint venture with the Egyptian Ministry of Petroleum; SinoTharwa Drilling Company.

SinoTharwa currently owns and operates 18 rigs; 13 land drilling rigs, four work-over rigs and an offshore rig.

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