$23m for the development of Petroleum Marine Services Company: El-Badawi
Continuous development of national companies working in the field of construction and petroleum services is of essential importance, said Petroleum Minister Tarek ElMolla on Sunday.
He added that the ministry aims to provide full support to Egyptian petroleum companies, in their work in Egypt or projects abroad, to cope with the new stage of the national projects in the oil sector, during the general assembly reviewing the 2017 results of the Petroleum Marine Services Company.
On the other hand, El-Sayed ElBadawi, chairperson of the company, said that these results were achieved through the business development plan to improve the efficiency of the company’s assets to be able to work efficiently in marine projects, where development and modernisation costs amounted to $23m.
He pointed out that 2017 witnessed the signing of the 35 contracts worth about $276m, to record the highest growth rate, as well as success in the installation of four new naval platforms.
He added that the company is implementing a number of diverse projects for plenty of oil companies involved in the field of construction, extending marine lines, and platform maintenance, with a total value of about $7.328bn of investments.