Oil Egypt accountACCOUNT King Tut

United Energy Group Will Invest in Egypt

Source: www.gulfoilandgas.com 10/18/2018, Location: Egypt

Share |
In Recent, Zhu Junfeng, CEO of United Energy Group, Mansour Bukhamseen, Board Chairman of Kuwait Energy Company and their delegators visited and met with Tarek Molla, Egypt Petroleum Minister. Molla welcomed plans of UEG to invest in Egypt for the first time.

UEG has purchased Kuwaiti Energy Company (KEC) at $900 million* in its most recent acquisition, which owns concession zones in the Egyptian Western Desert with a production volume of 30,000 oil barrels per day. In order to expedite relevant approval procedure for share purchase agreement, which is required by the Egypt government, delegators from UEG and KEC, led by Zhu Junfeng and Mansour Bukhamseen visited Egypt Petroleum Minister Tarek Molla on 17th October, 2018 in Cairo.

Zhu Junfeng said the development of the Egyptian petroleum sector encouraged UEG to inject investments into it. He stressed the company's desire to invest in oil and natural gas domains, adding that the company wants to repeat its success story in Pakistan. In addition, the company will effectively participate in the Egypt Petroleum Show (EGYPS 2019).

Meanwhile, Mansour Bukhamseen, Board Chairman of Kuwait Energy Company said UEG will pump investments to boost oil production, citing the company's achievement in Pakistan. He underlined the companyís support for Egypt, noting that KEC seeks to realize more achievements in its concession zones in Egypt.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects

Egypt >>  7/8/2019 - Highlights ...
Egypt >>  7/2/2019 - Israelís Delek Drilling said it has completed testing of a subsea natural gas pipeline to Egypt, but it did not begin commercial sales by the end of J...

Egypt >>  7/1/2019 - Egypt's Petroleum Minister Tarek el Molla reviewed with head of Schlumberger oil field services company for the Northern Middle East Region Maan Rezou...
Egypt >>  6/29/2019 - Dana Gas PJSC has received payments of $48 million (AED 177 million) from its operations in Egypt in June. These collections comprise $38 million in p...

Egypt >>  6/26/2019 - SDX Energy plc, the North Africa focused oil and gas company, is pleased to announce that an oil discovery has been made at its Rabul-7 development we...
Egypt >>  6/24/2019 - ADES International Holding PLC (ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA) throug...

Related Categories: Accounting, Statistics  Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services  Risk Management 

Related Articles: Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us