ICEC

Egypt signs deal with UAE-ENOC to enter jet fuel field

Egyptian General Petroleum Corporation (ENOC) and the UAE-ENOC signed a commercial agreement allowing the company to enter the jet fuel activity in Egypt.

This agreement comes in line with the directives of the political leadership of the two countries to enhance mutual cooperation and benefit from the expertise, capabilities and technologies available to both sides, employing them to achieve mutual benefits.

ENOC noted that the agreement has several positive effects, including attracting new airline customers to Cairo International Airport, which will have a positive impact on increasing the sales of the oil sector, increasing the dollar proceeds, attracting additional investments and studying participation in future projects associated with this activity.

Established in 1993, ENOC is a global diversified energy group. It is a wholly owned company of the Government of Dubai, through the Investment Corporation of Dubai.

In financial year 2018/2019, the targeted investments in petroleum sector are estimated at 145.6 billion pounds ($8.12 billion), marking 15.5 percent of the total investments of the year.

Natural gas investments represent 91 percent of petroleum investments which amount to 132.8 billion pounds.

The investments of the crude oil extraction sector allocate 8.7 percent of the petroleum investments with a total of 12.7 billion pounds, while other extractions allocate 65 million pounds.

Source: Egypt Today

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