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Saudi’s Taqa to quadruple energy investments in Egypt

Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt Reuters/Alexander Manzyuk
Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt

Saudi Arabia’s Industrialization and Energy Services Company (Taqa) plans to quadruple investments in Egypt’s energy sector over the next two years, according to a media report.

The company aims to double its business and services in Egypt, as well as expand into deepwater petroleum services by 2026, Daily News Egypt reported, citing Mario Ruscev, executive vice president of Taqa.

No details were given on the investment outlay.

The Saudi energy company has contracts with 20 oil companies for well maintenance and preparation in Egypt’s western desert.

In addition, Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt, to support its growth targets in the coming years.

The petroleum sector in Egypt accounted for 40 percent of the total foreign investments in the country in the past five years.

Taqa has no plans to enter the renewable energy sector. Instead, the company is focusing on its geothermal energy subsidiary, Taqa Geothermal Energy, which was established last year to harness clean energy sources from underground geothermal heat in Saudi Arabia and the Mena region.

Ruscev said the company is investing heavily in geothermal energy to reduce its own combustion emissions and capture carbon.

Saudi sovereign Public Investment Fund owns 54 percent of Taqa.

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