Cairo – Mubasher: The Chinese United Energy Group is considering the participation in the international oil exploration and production tenders launched by Egypt.
The Chinese group has recently acquired Kuwait Energy Plc for nearly $900 million, according to a statement by the Egyptian petroleum ministry.
Egyptian oil minister Tarek El-Molla has welcomed the group’s first investments in the North African country, noting that the investments of foreign oil companies in Egypt over the last years pushed global firms to invest in the Egyptian oil sector.
He also pointed out that Egypt’s economic reforms have created an attractive environment for foreign investors.
Moreover, Mansour Aboukhamseen, chairman of Kuwait Energy, said that United Energy will add fresh investments and developed technology to boost production, which is similar to what the Chinese company did to raise oil output in Pakistan.
Kuwait Energy produces around 30,000 oil barrels per day (bpd) from its concessions in Egypt’s Western Desert, Aboukhamseen noted.
