Cairo – Mubasher: Engineering for the Petroleum & Process Industries (ENPPI) is seeking to win projects at a combined value of EGP 7.7 billion.
The Egyptian company will implement around 12 local and international projects, in addition to the signing of 33 contracts with a slew of oil firms during 2017, the petroleum ministry said in a statement, citing company chairman Mohammed Hathout.
Contracts, inside and outside Egypt, valued at EGP 21.5 billion since 2017 until now, Hathout added, noting that domestic projects made up 59% of contracts, while overseas projects accounted for 41%.
Enppi’s revenues hiked 72% during the full-year 2017, recording EGP 8.6 billion, he indicated.
The Egypt-based oilfield services provider is at pains to bolster its business overseas, such as Saudi Arabia, the UAE, Oman, Kuwait, Iraq, Jordan, and Algeria in a bid to boost revenues, he noted.
The public sector firm has been awarded new projects in Saudi Arabia in favour of Saudi Aramco and Yanbu Aramco Sinopec Refining Company (YASREF), in addition to the 56-kilometre gas pipeline project in the north of Jordan for Jordanian Egyptian Fajr for Natural Gas Transport and Supply.
This came on the sidelines of Enppi’s annual general meeting, presided over by petroleum minister Tarel El-Molla, to approve the company’s 2017 financial results.
In March 2018, the finance ministry announced that about 23 firms will be listed on the EGX with a total value of EGP 80 billion as the first phase of the government IPO programme.
