New Chinese Investments of $ 250m in Egypt

Eng .Sherif Ismail, Minister of Petroleum and Mineral Resources, received a delegation from Star OilnGas Co., the Chinese partners in the International Drilling Materials, in which the Petroleum Sector shares with 50%.

The Chinese investors presented a study for setting up a new seamless pipe rolling mill in Egypt of about $ 250 million , which will be fully funded by the banks and the Chinese government , so as to complete (IDM) system to provide Seamless Steel Pipe to Egypt and Africa.

Star OilnGas Co. (SOG) pointed out , that the success of sharing the Petroleum Sector in (IDM) Co. for five years up till now and achieving returns to shareholders , along with the promising perspective of the Egyptian economy which motivated the Chinese government to increase investments in Egypt for being an investment gate to Africa and the region .

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects