El-Sisi welcomes US petroleum company’s investment plans in Egypt
Apache, the largest oil producer in Egypt, targets investment plans for the coming years in the fields of research, exploration, and production
President of Egypt Abdel Fattah el-Sisi arrives to address attendees during the 70th session of the United Nations General Assembly at the U.N. headquarters in New York, September 28, 2015. REUTERS/Carlo Allegri
By Yassen Mohammed, Arab News
CAIRO: The largest oil producer in Egypt wants to enhance its investment in the country and president Abdel Fattah El-Sisi is optimistic about the proposed expansion.
American company Apache is specialized in the field of petroleum research and exploration. The company’s CEO, John Christmann, met with El-Sisi in Cairo this week, according to the president’s spokesman Bassam Rady.
During the meeting, they discussed joint cooperation and also reviewed the company's existing business position and targeted investment plans for the coming years in the fields of research, exploration, and production in Egypt.
El-Sisi welcomed the agreement between the company and the Egyptian Ministry of Petroleum to expand activities in the country. He also said the deal would enhance Egypt’s efforts to become a center for energy trading in the region.
Apache has a long history in Egypt as both El-Sisi and Christmann said they want to build on that working relationship.
Christmann said Egypt is at the forefront of countries that Apache eyes for further investment considering the positive investment climate in the North African state. In addition, Egypt features an attractive geographical location, discoveries in the fields of oil and gas, and advanced infrastructure.
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