CAIRO: Egypt’s Petroleum Ministry is in the process of issuing a global tender before the end of this year to explore petroleum wealth, including in the Red Sea.
The tender notice will be published for the exploration of petroleum products in oil reserves, including new sectors in the Red Sea, minister Tarek el-Molla was quoted by Egypt Today as saying.
Molla surveyed on Saturday the geophysical data collection process from Egypt's economic zone in the Red Sea.
The project is being implemented by an alliance between “Western Gecko – Schlumberger” and "TGS," with total investment worth $750 million.
The minister emphasized the project's importance in attracting global companies to carry drilling operations and make new discoveries.
South Valley Egyptian Holding Company would be enabled to offer international bids for oil exploration in Egypt's economic waters in the Red Sea, something that was not possible without the demarcation of the maritime border with the Kingdom of Saudi Arabia, Molla clarified.
He stated that the companies have collected 95 percent of the data that was outlined in the project's plan and around 9,500 kilometers have been covered so far.
Egypt to issue global tender to explore oil in Red Sea
Egypt to issue global tender to explore oil in Red Sea
Related
Second firm ends DP World investments over CEO’s Epstein ties
- British International Investment ‘shocked’ by allegations surrounding Sultan Ahmed bin Sulayem
- Decision follows in footsteps of Canadian pension fund La Caisse
LONDON: A second financial firm has axed future investments in Dubai logistics giant DP World after emails surfaced revealing close ties between its CEO and Jeffrey Epstein, Bloomberg reported.
British International Investment, a $13.6 billion UK government-owned development finance institution, followed in the footsteps of La Caisse, a major Canadian pension fund.
“We are shocked by the allegations emerging in the Epstein files regarding (DP World CEO) Sultan Ahmed bin Sulayem,” a BII spokesman said in a statement.
“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”
The move follows the release by the US Department of Justice of a trove of emails highlighting personal ties between the CEO and Epstein.
The pair discussed the details of useful contacts in business and finance, proposed deals and made explicit reference to sexual encounters, the email exchanges show.
In 2021, BII — formerly CDC Group — said it would invest with DP World in an African platform, with initial ports in Senegal, Egypt and Somaliland. It committed $320 million to the project, with $400 million to be invested over several years.
