Egypt, Siemens Establish JV to Boost Oil Output
The Egyptian Ministry of Petroleum and Mineral Resources announced that the Egyptian Electricity Holding and the Egyptian Maintenance Company for Petroleum Services will establish a joint venture (JV) with Germany’s Siemens, reported Amwal Al Ghad.
A delegation from Siemens met with the Minister of Petroleum, Tarek El Molla, and stated that the new JV company will aim to increase oil production through boosting the number of generators and refining labs in the oilfields in order to improve operational efficiency.
The meeting with the Egyptian Minister was attended by a delegation from Siemens comprising Siemens Egypt’s CEO, Emad Ghaly, and the company’s VP of Oil and Gas Sales, Europe, Russia and Africa, Brian Todd.
Earlier in March 2017, the Egyptian Electricity Ministry had signed a $252.82m agreement with Siemens to build six power transmission stations to help transport power generated from the new Siemens power plants. The Minister of Electricity and Renewable Energy, Mohamed Shaker, had stated, during his speech in the joint press conference of Siemens power plants inauguration, that the plants will help Egypt save fuel worth of $1.3b per year.