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Two Oil Companies In Talks With Saudis For Injecting $300M
08. May 2016
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Eng. Tamer Abubakr, Chairman of Nile Petroleum Industrial Co. (NPICO), REPCO Gas and a member of Egyptian – Saudi Business Council stated that negotiations are undergoing with Saudi investors for pumping investments worth $300 million in logistic projects in Suez Canal Economic Zone (SCZone).

He noted that negotiations are in the initial phase till the formal announcement for the logistic projects by the government.

Given the government targets to announce three logistic zones in East of Port Said for serving the industrial zones scheduled to be established there.

Eng. Tamer Abubakr said that the political convergence between Egypt and Saudi Arabia will boost the attraction of investments for SCZone in light of Saudi Arabia's King Salman's visit to Egypt.

Concerning the activity of his companies, he explained that his companies are operating in the projects of conducting natural gas. He signed a contract with Ministry of Petroleum for conducting natural gas for the deprived villages in the Upper Egypt.