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00:52
Chinese company eyes more petroleum cooperation with Egypt
STORY: Chinese company eyes more petroleum cooperation with Egypt
DATELINE: July 14, 2023
LENGTH: 00:00:52
LOCATION: Cairo
CATEGORY: ECONOMY
SHOTLIST:
1. various shots of the Petroleum and Mineral Resources in Cairo
2. various shots of Egypt's Minister of Petroleum and Mineral Resources, Tarek El-Molla, meeting with Chairman of North Petroleum International Corporation (NPIC), Wang Yuetao
STORYLINE:
China's North Petroleum International Company (NPIC) is eager to expand its operations in Egypt's oil and gas sector, according to a meeting between the company's chairman, Wang Yuetao, and Egypt's Minister of Petroleum and Mineral Resources, Tarek El-Molla.
The meeting, which took place on Wednesday, discussed ways to increase cooperation between NPIC and the Egyptian petroleum sector.
NPIC, a subsidiary of China ZhenHua Oil Co., Ltd, has already been operating in Egypt since 2014 and is involved in research, exploration, and production of oil and gas in both the Eastern and Western Desert through the Egyptian-Chinese joint venture Petro Amir Petroleum Company.
Wang expressed NPIC's interest in expanding activities in Egypt and said that the company plans to increase investments to ramp up crude oil production.
He noted the Chinese government's intention to enhance strategic cooperation with Egypt, particularly in the petroleum sector.
El-Molla welcomed NPIC's expansion plans and said that Egypt is committed to encouraging investments that will ultimately boost petroleum production.
He also expressed Egypt's interest in enhancing joint investments with China.
The two sides discussed a number of potential areas for cooperation, including exploration and production, refining, and transportation, while agreeing to continue discussions to explore further opportunities for cooperation.
Xinhua News Agency correspondents reporting from Cairo.
(XHTV)
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