Dubai’s Gupco signs agreement with Egyptian firms worth $41m

Dubai’s Gupco signs agreement with Egyptian firms worth $41m

The Gulf of Suez Petroleum Company (Gupco), the joint company between Dragon Oil, an upstream exploration and production platform fully owned by the Government of Dubai, and the Egyptian General Petroleum Corporation, has signed an agreement with the Engineering for the Petroleum & Process Industries (ENPPI), (PETROJET) and the Petroleum Marine Services Company (PMS), worth $41 million. The agreement aims to launch a marine platform to develop the “North Safa” field and to install 10-km-long production lines, in order to increase production from 10,000 bpd to 15,000 bpd. The agreement was signed at the conclusion of the 5th edition of the Egypt Petroleum Show (Egyps 2022) held during recently at the Egypt International Exhibition centre with the support of the Ministry of Petroleum and Mineral Resources-Egypt. Present were the geologist Alaa Al Batal, Chairman of the Egyptian General Petroleum Corporation, Badria Ahmed Khalfan, Chief Human Resources Officer at Dragon Oil, Eng. Mohamed Al Meligy, Chairman of Gupco, and Mohamed Farouk, Director-General of Gupco. Commenting on the agreement, Badria Khalfan, said, “The agreement translates Dragon Oil’s effective role as a partner committed to strengthening the ties between the UAE and Egypt through mutually beneficial expansion plans that contribute to creating long-term