Kuwait Energy and the Egyptian General Petroleum Corporation (EGPC) have signed a concession agreement to pump new investments for developing and exploiting Borg Al Arab Area in Western Desert. On the sidelines of the International Petroleum Conference and Exhibition (EGYPS 2023) that took place on February 13-15, Alaa Al-Batal, CEO of EGPC, and Kamel Al-Sawi, President of Kuwait Energy Egypt signed the agreement in the presence of Egyptian Oil Minister Tarek al-Molla and Song Yu, CEO of Kuwait Energy. "Signing this agreement reflects Kuwait Energy Egypt's commitment toward the development and explorations of the petroleum reserves in Egypt since inception of its operations which added value to the Egyptian economy guided by the Minister of Petroleum's great vision to put the Egyptian oil and gas industry at the current international level." Kamel Al-Sawi said. Kuwait Energy Egypt's vision and strategy continues to be in line with the Egyptian Ministry of Petroleum's modernisation programme with a focus on maximising the value of Egypt's natural resources and supporting a low carbon future.
