China Petroleum and Technology Development Corporation (CPTDC) intends to invest approximately $10m in Egypt, Li Qitang, Egypt’s chief office representative, told Daily News Egypt.
The amount is to be used for assembling and producing oil equipment locally in Egypt.
“We are currently trying to find a local partner from the public sector in Egypt so that we can go forward with the investment plan,” Li indicated.
The company has been holding talks with local petroleum companies in Egypt. Li, however, did not disclose any names.
According to Li, the $10m are part of first stage investments to be injected in the country, after which the company will pump more investments in Egypt.
CPTDC is one of the biggest suppliers of oil equipment and it has been active in the Egyptian market for 10 years, Li highlighted.