Petrojet signed a memorandum of understanding (MoU) with National Petroleum Construction Company (NPCC) to enhance oil and gas project cooperation, WAM reports.

The agreement was signed by the Chairman of Petrojet, Salah Ismail, and the CEO of NPCC, Aqeel Madhi.

“[B]oth companies are going to work and look for opportunities to partner and execute projects together. Petrojet has been operating in[the] oil sector since 1975, and is looking for opportunities in [the] UAE and Gulf Markets,” Ismail said, according to the state-run news agency.

For his part, Madhi, hailed the MoU as “a golden opportunity for NPCC to win and execute projects in Egypt,” WAM reports.

Both Petrojet and NPCC are state-run firms that specialize in the oil and gas sector. NPCC belongs to Abu Dhabi while Petrojet is an Egyptian firm.

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