Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt, Neptune Energy sign exploration agreement for Gulf of Suez
El-Molla signs $8.5bn petrochemical complex project in new El Alamein
Published in Daily News Egypt on 13 - 02 - 2020

Egypt's Petroleum Minister Tarek El-Molla signed a new exploration licence agreement with Neptune Energy for North West El Amal Offshore Concession on Wednesday.
The signing took place on the side-lines of Egypt Petroleum Show (EGYPS) 2020. According to the agreement, Neptune will invest a minimum of $35m and an $11m grant for drilling 3 wells and will acquire 100 square km of 3D seismic data and drill one exploration well in the first phase, with two further wells planned in phase two.
The North West El Amal Offshore concession covers 365 square km and is located in the central part of the Gulf of Suez, approximately 42 km south of Ras Gharib and 105 km north of Hurghada.
Neptune said on Wednesday that the signing underlines the company's commitment to growing its presence in North Africa, an important region for the business.
The signing ceremony was attended by CEO of Egyptian General Petroleum Corporation (EGPC), Abed Ezz El Regal; Neptune Energy's CEO Jim House; Vice President North Africa & Asia Pacific Philip Lafeber; and Neptune Egypt Managing Director Gamal Kassem.
House said, "Our strategy is to invest and grow our presence in Egypt which is an important market for Neptune. We are committed to strengthening our presence in North Africa through exploration and production activities.
"This is another important step for Neptune in the region and we're pleased to build on our strong relationships with our partners and with the Ministry."
Kassem also said, "The Gulf of Suez provides many promising prospects and we look forward to working closely with EGPC to grow Neptune's business in Egypt."
Also, on the sidelines of EGYPS, El-Molla signed several agreements including the signing of an agreement on the refining and petrochemical complex project to be established in the new city of El Alamein between the Egyptian Petrochemical Holding Company, BSW Group Holdings LTD, and Shard capital Partners LLP.
The project's estimated investment cost of the project is $ 8.5bn and aims to exploit and maximise the added value of crude oil produced in the Western Desert fields to produce a package of specialised petrochemical products with a capacity of about 1.5m tonnes annually which are used as production inputs in many small and medium industries such as the plastic industries, textiles, auto feeding industries, printing materials, paints, and adhesives.


Clic here to read the story from its source.