Eng. Tariq Al Mulla, Minister of Petroleum and Mineral Resources witnessed the ceremony held by the Emirati Dragon Oil Company on the occasion of completing the agreement to acquire the British BP Company’s interest in the Gapco concession areas in the Gulf of Suez in a deal valued at $ 500 million. The deal is considered as part of the UAE company’s direction to expand its investments in Egypt in the field of research and production of oil and gas, and cinsistent with the British company interest to focus on its investments in Egypt in the Mediterranean region and the Nile Delta.

The ceremony was attended by Ambassador Juma Mubarak Al-Junaibi, the Ambassador of the United Arab Emirates in Cairo, Eng. Abed Azal Al-Rajal, CEO of the Petroleum Authority, Eng. Ashraf Faraj, First Deputy Minister for Agreements and Exploration, Eng. Saeed Al Tayer, Vice President of Dragon Oil and Mr. Ali Rashid Al-Jarwan, CEO of Dragon Oil and Eng. Hisham Mekawi, Regional President of BP North Africa, Eng. Mohamed El-Meligy, President of GUPCO and a large number of leaders of the oil sector in Egypt and the UAE.