Enppi and Petrojet – which are affiliated with the Ministry of Petroleum and Mineral Resources – bought the share of foreign partner Star Company Ltd. in the International Drilling Company operating under the free zone system (50% of the company) worth $117.6m or EGP 2.2bn last week.
Sources told Daily News Egypt that foreign partner Star Gas owns around 50% of the company, while the remaining share is split into 20% owned by South Valley Petroleum Holding Company, 15% by Enppi Petroleum and 15% by Petrojet. Petroleum.
The sources added that after the implementation of the deal, the ownership structure of the company became 40% for Enppi, 40% for Petrojet and 20% for South Valley Petroleum.
Cairo Capital Securities Brokerage acted as deal broker for the buyer and seller.
The sources pointed out that the agreement is part of a plan announced by the Ministry of Petroleum to buy the shares of foreign partners in oil companies.
The Société Internationale de Forage manufactures, assembles, enacts, maintains and repairs the covers and conducts the control pipes. It is one of the Egyptian companies in the petroleum sector, which was established in accordance with the provisions of Law No. 8 of 1997 on Guarantees and Investment Incentives as an Egyptian Joint Stock Company.
The company implemented the Zohr Giant Field and Ismailia Tunnels projects, which were implemented by the hands and expertise of Egyptian workers. The company also supplied pipes for the Khaleda Petroleum Company.
The Ministry of Petroleum is currently working on regulatory arrangements for the sale of gas on the local market by producing companies to industrial companies wishing to purchase gas or increase their share of gas in accordance with agreements between the supplier and the consumer.