Minister of Petroleum Tarek al-Molla witnessed the delivery of the first oil rig manufactured at the Egyptian-Chinese Drilling Company in Ain Sokhna.
Molla explained that the start of manufacturing rigs locally is a new and important step that enables the petroleum sector to make optimal use of its capabilities and accelerate its plans to drill wells to increase the production of petroleum and gas resources.
This comes especially at a time when the demand for rigs is growing as a result of the increase in petroleum activity with the rise in global oil prices.
Molla added that manufacturing these rigs is a new successful step on the path of local manufacturing for the needs of oil and gas industry projects and significantly increasing the local component – thereby helping reduce imports and save spending in foreign currency.
The step also will contribute to covering the needs of the local market and export future.
The first excavator, made in Egypt, has been completed with investments amounting to $6.5 million, representing fruitful economic cooperation between Egypt and China and serving as a successful example of developing cooperation to transfer manufacturing technology from China to Egypt as an alternative to importing.