Source: www.oilegypt.com 7/5/2005, Location: Africa
Engineer Sameh Fahmy - the Egyptian Minister of Petroleum - witnessed on Sunday 3rd, 2005 the establishment of Sinotharwa. Sinotharwa is a new joint venture between Tharwa Company of Egypt & Sinopec of China to act in Egypt, the Middle East and Africa in the field of drilling and maintenance.
The investment in the new company is USD 18 million with equal shares between the two partners. The president of Tharwa and the president of Sinopec signed the contract in Cairo. The company will start by two drill rigs. The first rig will start operation next November of this year.