Egyptian-Chinese company to dig, repair oil wells set up

Egypt and China agreed yesterday to set up a joint company to dig and repair oil wells, said Minister of Petroleum Sameh Fahmy following his meeting with a Chinese delegation led by Minister of Land & Natural Resources.

The new company, "SinoTharaw" will start operations with two drill machines amidst the high demand for these machines in Egypt. For his part, the Chinese Minister affirmed his country's keenness to boost bilateral economic ties and increase investments in Egypt's oil industry.