Siemens, Egypt to form joint venture to boost oil generator business

State-run Egyptian Electricity Holding and Egyptian Maintenance Company for Petroleum Services are in the process to establish a joint venture with German industrial giant Siemens, Ministry of Petroleum announced in a Thursday statement.

Egyptian Minister of Petroleum Tarek el-Molla received earlier a delegation from Siemens, which involved Emad Ghaly, chief executive of Siemens Egypt; and Brian Todd, Vice President of Oil and Gas Sales, Europe, Russia, and Africa.

The delegation expressed during the meeting Siemens’ readiness to work on upgrading generators in the oil fields and refining labs in order to improve operational efficiencies, the statement added.