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United Energy Group Will Invest in Egypt

Source: www.gulfoilandgas.com 10/18/2018, Location: Egypt

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In Recent, Zhu Junfeng, CEO of United Energy Group, Mansour Bukhamseen, Board Chairman of Kuwait Energy Company and their delegators visited and met with Tarek Molla, Egypt Petroleum Minister. Molla welcomed plans of UEG to invest in Egypt for the first time.

UEG has purchased Kuwaiti Energy Company (KEC) at $900 million* in its most recent acquisition, which owns concession zones in the Egyptian Western Desert with a production volume of 30,000 oil barrels per day. In order to expedite relevant approval procedure for share purchase agreement, which is required by the Egypt government, delegators from UEG and KEC, led by Zhu Junfeng and Mansour Bukhamseen visited Egypt Petroleum Minister Tarek Molla on 17th October, 2018 in Cairo.

Zhu Junfeng said the development of the Egyptian petroleum sector encouraged UEG to inject investments into it. He stressed the company's desire to invest in oil and natural gas domains, adding that the company wants to repeat its success story in Pakistan. In addition, the company will effectively participate in the Egypt Petroleum Show (EGYPS 2019).

Meanwhile, Mansour Bukhamseen, Board Chairman of Kuwait Energy Company said UEG will pump investments to boost oil production, citing the company's achievement in Pakistan. He underlined the company’s support for Egypt, noting that KEC seeks to realize more achievements in its concession zones in Egypt.

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