Egypt: Octa International, Petromaint sign cooperation agreement

An alliance and strategic cooperation agreement was signed between the Alexandria Petroleum Maintenance Company (Petromaint) and Octa International.

The agreement aims to jointly manufacture and develop hybrid renewable energy projects that use solar panels and wind turbines to produce the energy needed to operate oil wells and communication towers in remote areas. This would contribute to reducing the daily wastage of large amounts of petroleum materials and its direct impact on the national economy, the balance of payments (B.O.P) in foreign currencies and carbon emissions.

The Alexandria Petroleum Maintenance Company (Petromaint) is a governmental entity that belongs to the Ministry of Petroleum in Egypt and carries out all construction, installation, maintenance and operation of joint ventures under the agreement.

Octa International provides innovative and advanced European technology for the first time in Egypt and the Middle East, using leading European and global techniques in green economy industries and structures and its various applications, such as solar panels, wind turbines, and pivotal irrigation tools.

The agreement was signed by Ibrahim Mutawa, Chairperson and Managing Director of the Alexandria Petroleum Maintenance Company, and Khaled Maatouk, Managing Director and CEO of Octa International.

The signing of the agreement was witnessed by the work teams from both sides, who engaged in lengthy discussions to reach the final agreement. The arrangements to begin the execution of the agreement between the coalition parties will take place in the next few weeks.