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Egypt: Sisi issues orders to explore oil in Suez

The Suez Canal [file photo]
The Suez Canal [file photo]

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.

READ: Egyptians angered by potential sale of Suez Canal zone to UAE

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