Great Sphynx of Giza, Egypt
Great Sphynx of Giza, Egypt Arralyn/

Dubai government-owned Dragon Oil company signed a commercial marketing agreement with the Egyptian General Petroleum Corporation on Wednesday.

This agreement involves the North Safa and Al-Wasl fields in the Gulf of Suez to export their respective shares of additional crude oil produced in the global market, and the contract will mark a milestone as both entities are coming together in the international market together for the first time.

Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil, said that the commercial marketing agreement was signed at EGYPS 2024, calling it an introduction to the upcoming investment projects that benefit both countries.

EGYPS 2024 exhibition was held at the Al-Manara International Conference Center in New Cairo from Monday (Feb. 19) to Wednesday (Feb. 21), which witnessed several activities, meetings, and bilateral discussions about realities of the oil industry, prices, and the hydrogen industry.

Al Tayer explained that EGYPS (Egypt Petroleum Show) 2024 is a global platform that allows companies to "enhance communication with various partners and exchange opinions with our counterparts from other companies about the reality of the global market and about the latest developments in the world of the oil industry," WAM reported.

"Especially in terms of implementing the outcomes of the COP28 Conference of the Parties related to the removal of carbon from the oil and gas industry to reduce carbon emissions and achieve the United Nations Sustainable Development Goals 2030," he added.

Engineer Ali Rashid Al-Jarwan, CEO of Dragon Oil, signed the agreement from the UAE's side while Alaa Al-Batal, CEO of the Egyptian General Petroleum Corporation, signed it from the Egyptian side.

During the event, Al Tayer met Iraq's Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan Abdul Ghani alongside his accompanying delegation, discussing the company's projects in Iraq and how they can be developed further to enhance Dragon Oil's presence in the Iraqi oil market, which would help both countries.

Furthermore, Al Tayer and Egyptian Minister of Petroleum and Mineral Resources Engineer Tariq Al Mulla inaugurated the CSR Charity Exhibition, which will be supported by Dragon Oil company.