Petroleum Sector acquires 50% of Toyota’s stake in Egyptian Drilling Company

Petroleum Sector acquires 50% of Toyota’s stake in Egyptian Drilling Company

Arab Finance: The Egyptian Ministry of Petroleum and Mineral Resources announced that the Petroleum Sector acquired the 50% stake owned by Japan’s Toyota in Egyptian Drilling Company, the Middle East News Agency (MENA) reported on August 1st.

Accordingly, the sector became the owner of the two drillships Qaher 1 and Qaher 2 after the stakes of the Egyptian Natural Gas Holding Company and Ganope Petroleum Company in Egyptian Drilling Company increased to 85% and 15%, respectively.

The acquisition occurred at the best time as global oil prices skyrocketing in tandem with the execution of an intensive drilling program in Egypt’s territorial waters, Minister of Petroleum and Mineral Resources Tarek El-Molla commented.

Moreover, the minister said that the ownership of the two drillships has strategic and economic dimensions, El-Molla added.

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