The Egyptian Natural Gas Holding Company (EGAS) has granted the German DEA Company a new concession for exploration in East Damanhour, El Beheira governorate.
German ambassador to Cairo, Julius Georg Luy, said that this decision is another step through which German companies can strengthen their position in the field of oil and gas in Egypt.
Last year, the DEA announced its intention to increase its investment in Egypt in the field of oil and gas extraction by approximately $500m.
Therefore, Germany is not only one of Egypt’s largest trading partners, but also a leader in a group of foreign investors in Egypt.
The DEA has been operating in Egypt since 1974 in the field of oil exploration in the Gulf of Suez region, as well as the extraction of natural gas in the Nile Delta region, according to Georg Luy.