Govt announces first petroleum services company in Sinai

Minister of Petroleum Sameh Fahmi has announced the establishment of the first petroleum services company in Sinai. Half of the company’s employees will be Sinai residents.

At a meeting of the company’s founding committee two days ago, Fahmi said there should be no contradiction between the functions of the company and those of the Sinai Development Agency, since the company will provide only petroleum and mining services.

The company will also set up training centers in Arish as well as offer services in the field of mineral exploration.

Sinai has vast reserves of mineral resources, said the minister, and the government intends to invite tenders to profiteer Sinai’s wealth of semi-precious stones.

According to Fahmi, trade in semi-precious stones is widespread throughout the world and international demand for the finished product is on the rise. But the industry is labor-intensive, he added.

The company’s president, Mukhtar Ibrahim Fahmi, said the company is a joint stock venture, 40 percent of whose shares are owned by the Egyptian General Petroleum Corporation.

Translated from the Arabic Edition.


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