Key oil, gas deals signed at EGYPS 2020

Egyptian Petrochemicals Holding Company (ECHEM) signed a agreement with the US Bechtel Corporation to build a refinery and petrochemicals complex

  
Image used for illustrative purpose. Oil and gas industry - refinery factory - petrochemical plant.

Image used for illustrative purpose. Oil and gas industry - refinery factory - petrochemical plant.

Getty Images

Cairo – Mubasher: The fourth edition of Egypt Petroleum Show (EGYPS 2020) kicked off on Tuesday, bringing together 30,000 visitors, 1,600 delegates, 270 speakers, and more than 450 exhibitors, according to a statement.

Petro-refinery complex

On the first day of the three-day event, the Egyptian Petrochemicals Holding Company (ECHEM) signed a cooperation agreement with the US Bechtel Corporation to build a refinery and petrochemicals complex in the Suez Canal Economic Zone with estimated investments of $6.7 billion.

Under the deal, ECHEM will start conducting a detailed feasibility study for the project in collaboration with international consultants, while Bechtel Corporation will provide the needed funding from banks and financial institutions.

The project is expected to increase oil and petrochemical production capacity to meet local needs and export the surplus.

Online portal for oil and gas exploration

The Egyptian General Petroleum Corporation (EGPC) signed a memorandum of understanding (MoU) with international oilfield services company Schlumberger to launch an online portal for oil and gas exploration in Egypt.

This move aims to support digital transformation in the oil and gas industry in the North African nation.

Using the most advanced digital solutions, the portal will offer investment opportunities for oil and gas exploration in a bid to encourage international oil companies to inject new investments in the country.

Training

The Egyptian Ministry of Petroleum and Mineral Resources and London-based oil and gas company BP signed an agreement to provide training and skill development programmes for entry- and mid-level staff members.

Mediterranean gas exploration

The regional manager of BP in the MENA region Hesham Mekkawy signed an MoU with the executive vice president of Schlumberger Hinda Gharbi.

Under the MoU, the two companies will cooperate in digital transformation in gas exploration opportunities in the Mediterranean Sea.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Energy