|
Volume of investments of Kuwait Foreign Petroleum Exploration Company (KUFPEC) in Egypt amounted to USD 302 million in Egypt in the last three years, said KUPEC Deputy Managing Director Abdulnasser Al-Fulaij. Al-Fulaij, in an interview with "Alam Al-Mu'assah" magazine, said KUPEC's businesses were not affected by the Egyptian revolution noting that all its contracts have remained valid.
Most of the company deals in Egypt are medium or short-term transactions, he said, explaining the term of some of the deals is as long as 20 years. KUFPEC has executed six ventures at locations along the Egyptian Mediterranean coast, Suez, and the Western Sahara, in partnership with mega foreign companies namely Shell, Eni and Apache, in addition to local companies. The Egyptian investment law stipulates that local companies that represent the government should have half of the share of the oil venture after exploration.
In Tunisia, KUFPEC operates several projects, Al-Fulaij said, indicating that drilling of a well was delayed due to the recent politicial turmoil in the country. In Yemen, the company operations faced some problems before the public uprising due to tribal conflicts in the regions where its installations were located.
|
