EGYPS 2020: MoUs, Agreements to Create E-Portal for Research, Exploration
Egypt has signed a cooperation agreement with the US “Bechtel” company to execute a refining and petrochemical complex in the Suez Canal Economic Zone (SCZone).
The agreement aims at increasing and attracting investments in the SCZone and implementing projects that achieve sustainable development.
Minister of Petroleum and Mineral Resources Tarek al-Mulla attended the event in which Egypt’s Petrochemicals Holding Company (ECHEM) signed the cooperation agreement with Bechtel Group, with an investment cost of $6.7 billion.
The event took place within the activities of the first day of the Fourth Edition of the Egypt Petroleum Show “EGYPS 2020,” which kicked off on Tuesday in the Egyptian capital, Cairo.
The agreement is part of the projects being reviewed in line with the National Petroleum Ministry’s plan to expand projects to maximize added value in the petrochemical industry.
It was signed by Chairperson of ECHEM Saad Helal and Bechtel CEO Brendan Bechtel, in the presence of Mulla, Governor of the Central Bank of Egypt Tarek Amer and US ambassador to Cairo Jonathan Cohen.
Mulla also attended the signing of a Memorandum of Understanding (MoU) between the Egyptian General Petroleum Corporation and Schlumberger International to create the Egyptian e-portal for research and exploration.
It is considered one of the actual applications to support the digital transformation in the oil and gas industry.
According to the agreement, both sides will cooperate on establishing and operating the first e-portal, which uses latest technologies and advanced digital solutions to offer and promote investment opportunities for oil and gas search and exploration.
This would help global oil firms make decisions on the pumping of new investments into Egypt.
It will feature a database for information on all stages of drilling, exploration, and production of oil and gas projects, in order to enhance project follow-up and achieve effective decisionmaking.
The Minister also attended the signing of an MoU between the British “BP” company and “Schlumberger” to cooperate in the field of digital transformation to promote opportunities for oil and gas search and exploration in the eastern Mediterranean.
Egypt has paid more than 80 percent of the arrears for foreign oil companies operating in the country, Mulla stressed.
It is noteworthy that dues for foreign oil companies have accumulated after the January 2011 events, to amount to $6.3 billion in the 2011/12 fiscal year.
However, these debts began to decline gradually since 2014, as Egypt has sought to pay on time while looking forward to transforming into a regional energy hub, Mulla explained.