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3 New Investment Projects to Be Established in Ismailia's Investment Free Zone
Source: 8/17/2018

The board of directors of the General Authority for Investment (GAFI) in Ismailia governorate approved the establishment of three new investment projects in the general investment free zone at a cost of 2.5 million.

In statements, Ismailia Governor Yassin Taher said that the projects include manufacturing plastic and clothing products as well as petroleum services that will be established on an area of 7,600 square meters.

The governor also said that he reviewed the implementation situation of infrastructure and delivering services to a number of areas in the zone in order to meet the expected demands of the new expansions.

On the other hand, the total investment expenditure of Qarun Petroleum Company stood at dlrs 206 million during the 2017-2018 fiscal year, the company's chairman, Ashraf Abdel-Gawwad, said.

He noted that 25 new wells were dug, thus contributing to upping daily oil production to 49,000 barrels by the end of June 2018.

The total annual output reached 12 million barrels of oil, he added. He expounded that coping with up-to-date technology in digging and production processes contributed to rationalizing costs.

Petroleum Minister Tareq Mulla - who chaired the company's general assembly meeting on Thursday - underlined the importance of the current action programs of petroleum companies operating in the Western Desert, especially with regard to expanding the use of modern technology to up production and reduce costs.

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