Egyptian President Abdel Fattah Al-Sisi yesterday issued orders to develop the oil industry in the area of Ras Badran in the Gulf of Suez, Assabeel newspaper reported.
This came as Al-Sisi authorised Minister of Petroleum and Mineral Resources Tarek Al-Molla to sign contracts with the Egyptian General Petroleum Corporation and the German DEA Suez GMBH Group according to law No. 9 of 2019.
According to news sites, these contracts allow DEA Suez to "explore, develop and take advantage of oil in the Ras Badran."
Al-Molla reported agreed in March for DEA to undertake drilling activities and the operation and maintenance of the liquefied natural gas (LNG) extraction plant in the Gulf of Suez area.