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Monday, 26 July 2021

Saudi’s Aldrees Petroleum looks to grow in Egypt

Saudi Arabia’s Aldrees Petroleum and Transport Services is planning to expand into Egypt by opening 60 fuel stations in the country during 2H2021, according to Arab News. Aldrees has reportedly submitted a request to acquire existing service stations in Egypt, but is awaiting a response. The Saudi company has previously expressed interest in Wataniya Petroleum, but it is unclear whether the expansion plans rest on the success of that proposed acquisition.

United Oil & Gas is attributing its “exceptional” operational and financial success in 1H2021 to its drilling operations in Egypt, as their local assets “continue to perform beyond expectations,” said CEO Brian Larkin, according to a press release. Revenue for the first half of the year is expected to come in at USD 10.3-10.5 mn, the company said, ahead of the release of its 1H2021 results in September. The success in Egypt is pushing the UK oil firm to drill a new exploration well under their Egyptian license in Abu Sennan, with United already working with unnamed JV partners to decide on its 2022 drilling strategy.

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