Fahmi: Egyptian-Chinese Company to prospect for oil

Egypt's Minister of Petroleum Sameh Fahmi said that the establishment of the Egyptian-Chinese company to operate inside and outside Egypt copes with the new Petroleum agreements signed by the Petroleum Sector with Foreign companies, 38 in number.

The new company will contribute to the implementation of several discoveries and increase oil and natural gas reserves. The new company will also develop the new discoveries to put them on production map.

This came during the first constituency assembly of "Sino- Tharwa for drilling company. Capital of "Sino-Tharwa" company amounts to $ 18 million.

The new joint company will be a strong start for cooperation between Egyptian and China, Minister of Petroleum Sameh Fahmi said.