Dragon Oil signs commercial marketing agreement with Egyptian General Petroleum Corporation

dragon oil company, exclusively owned by the Government of Dubai, signed a commercial marketing agreement with the Egyptian General Petroleum Corporation, for the production quantities of the North Safa and Al-Wasl fields in the Gulf of Suez to export their share of the additional crude oil produced in the two fields, which represents one of the components of the Gulf of Suez mix. For the first time, both sides are together in the global market.

This comes after the successful start of production in the two fields, with additional average production expected to reach 10 thousand barrels per day during the next period, which will achieve many economic interests for both parties and improve the value and the presence of Egyptian crude oil in the world market. It is also part of the company’s desire to strengthen its presence in the Egyptian market to increase investments, increase production rates and cooperate to face global challenges and changes.

Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil Company, saying,

“The commercial marketing agreement signed at EGYPS 2024 is the result of the fruitful partnership between Dragon Oil Company and the Egyptian General Petroleum Corporation, and is also an introduction to upcoming investment projects that will benefit both countries.”

Al-Tayer aggregate,

“EGYPS 2024 is a global platform that allows us, through our permanent participation, to improve communication with various partners and exchange opinions with our counterparts from other companies on the reality of the global market and on the latest developments in the world of the industry. oil. , especially in terms of implementing the outcomes of the COP28 Conference of the Parties related to decarbonizing the oil and gas industry to reduce carbon emissions and achieve the United Nations Sustainable Development Goals for 2030.”

Engineer Ali Rashid Al-Jarwan, CEO of Dragon Oilsigned the agreement on the Emirati side, while Alaa Al-Batal, CEO of the Egyptian General Petroleum Corporationsigned by the Egyptian side.

The second day of dragon oilthe participation of EGYPTS 2024 The expo was packed with activities, meetings and bilateral discussions that addressed the realities of the oil industry, pricing and the hydrogen industry. The various meetings demonstrated the high position that Dragon Oil now enjoys in the regional and global oil markets. The meetings were also an opportunity to present projects. Different companies are especially interested in sustainable development.

In the same context, Saeed Al Tayer met with Hayyan Abdul Ghani, Deputy Prime Minister of Energy Affairs and Minister of Oil of Iraqand their accompanying delegation, and reviewed the company’s projects in Iraq and ways to develop them and enhance Dragon Oil’s presence in the Iraqi oil market in a way that serves both parties.

In continuation of the company’s activity in the Republic of Egypt, Saeed Al Tayer, together with engineer Tariq Al Mulla, Egyptian Minister of Petroleum and Mineral Resources, inaugurated the CSR charity exhibition, supported by Dragon Oil Company, in the presence of a large number of people. of officials from both parties.

He Dubai Government wholly owns Dragon Oil-Egypt, one of Egypt’s pioneering joint ventures in oil production. The company focuses on the field of oil research, exploration and production in the Gulf of Suez, with comprehensive and sustainable implementation strategies, ambitious plans, training programs and continuous development programs to achieve the desired goals according to a capable vision. to comply. the company’s aspirations for its activities in Egypt.

News source: Emirates News Agency