Chinese oil company eyes expanding petroleum cooperation with Egypt

China’s North Petroleum International Company (NPIC) has said that it is eager to expand operations in Egypt’s oil and gas sector.

The NPIC Chairman Wang Yuetao told Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla in a meeting on Wednesday that his company plans to increase investments in Egypt to help ramp up crude oil production.

The two sides discussed ways to increase cooperation between the NPIC and the Egyptian petroleum sector.

The NPIC, a subsidiary of China ZhenHua Oil Co., has been operating in Egypt since 2014 and is involved in the exploration and production of oil and gas in Egypt through the joint venture Petro Amir Petroleum Company.

El-Molla welcomed the NPIC’s expansion plan in Egypt, adding that Egypt is committed to encouraging foreign investments that will ultimately boost petroleum production