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Wednesday, 16 October 2019

Germany's Wintershall Dea eyes increased investments in Egypt

Ahram Online , Monday 22 Jul 2019
West Nile Delta Project
West Nile Delta (WND) project (Photo Courtesy of Wintershall Dea official website)
Views: 2585
Views: 2585

Germany's Wintershall Dea is eyeing increased investments in Egypt, the company’s executive chairman told Egypt's Prime Minister Mostafa Madbouly during a meeting in Cairo.

According to a statement by the Egyptian Cabinet on Monday, Wintershall Dea's executive chairman praised petroleum ministry's efforts to remove all obstacles facing investments in the EGyptian energy field.

He also hailed the East Mediterranean Gas Initiative, which includes Egypt and a number of countries in the region, describing it as an important step towards boosting energy security and serving developmental goals in the region.

Egyptian Petroleum Minister Tarek El-Molla said that cooperation with the German company is proceeding, praising a trend to open offices in Egypt by a number of other German companies operating in the energy field.

PM Madbouly welcomed the company's commitment to increasing investments in the country, stressing Egypt's readiness to present necessary facilitations to all multinational companies seeking to invest in the sector.

Wintershall Dea has already been operating in Egypt for more than 40 years, with a current stake in six onshore and offshore concessions, according to its official website. It is also a partner in the major West Nile Delta (WND) project.

A number of gas fields operated by the German company in the Gulf of Suez have been developed, with the company eying increased gas production from the Onshore Nile Delta, where it was awarded a new exploration license earlier this year.

Egypt is looking to become a regional gas hub through its self sufficiency of liquefied natural gas and promising exploration opportunities in its gas fields.

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