Egypt's Rashpetco, El-Burulus Petroleum plan $221mln investments in FY21/22

BAPETCO succeeded in drilling three exploratory wells in the first half of FY20/21

  
Oil drilling rig operation on the oil platform in oil and gas industry. Industrial concept. Image used for illustrative purpose.

Oil drilling rig operation on the oil platform in oil and gas industry. Industrial concept. Image used for illustrative purpose.

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Cairo –  The Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla, headed the general assemblies of Badr El-Din Petroleum Company (BAPETCO), El-Burulus Petroleum Company, and Rashid Petroleum Company (Rashpetco) to approve their planned budgets for fiscal year 2021/2022.

The planned investments of Rashpetco and El-Burulus Petroleum Company amounted to $221 million in the coming fiscal year, the Chairman Sherif Hassaballah said in a statement released by the Ministry of Petroleum on Monday.

Moreover, BAPETCO plans to invest about 298 million in FY21/22, the Chairman Salah Abdel Karim revealed.

He added that the company succeeded in drilling three exploratory wells in the first half of FY20/21.

Source: Mubasher

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