Cairo – Mubasher: SEDCO for Petroleum Services, a 97% subsidiary of Elsewedy Electric Company, has inked a $25.316 million (EGP 400 million) contract with Suez Oil Processing Co., one of the EGPC affiliated companies.

Under the eight-month contract, SEDCO for Petroleum Services will focus on the supply of cables, cable glands, cable trays, and accessories, according to a press release on Thursday.

It is noteworthy to mention that during the first nine months (9M) of 2021, Elsewedy logged consolidated net profits of EGP 2.51 billion, up by 30% year-on-year (YoY) from EGP 1.93 billion, including minority shareholders' rights.

Source: Mubasher

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