Egyptian, Chinese Companies to Build Rigs
in Egypt
Meeting in Cairo, three Egyptian and one Chinese companies in
the oil and gas sector signed a contract to set up a joint
venture to manufacture oil rigs in Egypt.
The joint venture had a total capital of US $30 million, which
would be equally shared between the three Egyptian companies and
China's Honghuang Oil Equipment Co., based in southwestern
province of Sichuan.
The three Egyptian companies are Petroleum Projects and
Technical Consultations Co. (PETROJET), Enppi and Tharwa.
The joint company is expected to manufacture three oil rigs by
the end of 2007, then eight oil rigs in 2008, 10 in 2009, 15 in
2010 and 20 in 2011.
Egyptian Minister of Petroleum Sameh Fahmi said at the signing
ceremony that oil rigs would be manufactured for the first time
in Egypt and the Middle East.
The joint company will help provide the needs of the oil sector
and address the shortage of oil rigs, said Fahmi, adding that
this is the start of a new stage in the oil sector, especially
with the expansion of oil and natural gas exploration.
