Egypt’s South Dabaa Petroleum launches insurance policy tender for assets – sources

Egyptian South Dabaa Petroleum Company (Dapetco) launched an insurance policy tender among public and non-life insurance companies operating in the country, said official sources on Saturday.

The policy will see the coverage of Dapetco’s assets and facilities against all risks, the sources further told Amwal Al Ghad.

With a total sum insured of $175 million or around 3 billion Egyptian pounds, the policy will cover damages related to fire and burglary as well as additional risks that may occur to Dapetco’s assets, facilities, and headquarters, besides road, maritime, and cash transports.

As for the addition risks, it includes coverage of fire and explosions produced from self-ignition as well as other dangers related to firefighters that face serious risks on their jobs, besides lightning strikes, they added.

“The policy also includes coverage of risks arising from natural disasters as well as losses and damages due to earthquakes, storms, volcanoes, floods, and torrents,” the sources added said.

Established in 1999, Dapetco is a joint venture oil and natural gas firm between Egyptian General Petroleum Corporation (EGPC) and Hadi Bouchamaoui Sons International (HBSIE).