Hill International and Egyptian Ministry of Petroleum Enter Agreement to Create New Joint Venture Company
Hill International, the worldwide construction consulting firm, announced recently that it has entered into an agreement with the Egyptian Natural Gas Holding Co. (EGAS) and the Egyptian Natural Gas Co. (GASCO), two subsidiaries of the Egyptian Ministry of Petroleum, pursuant to which they will form a new joint venture company that will provide project management services primarily on oil and gas projects throughout the Middle East and Africa.
The new company, Hill International Petrol (Egypt) Ltd., will be owned 50% by Hill and 50% by the Ministry of Petroleum's subsidiaries.
"This new joint venture will allow Egypt to bring Hill's project management resources and capabilities to projects throughout Egypt and the surrounding region, as well as to help develop a pipeline of work for Hill into the expanding oil and gas sector," said Irvin E. Richter, Hill's Chairman and Chief Executive Officer. "We believe that EGAS and GASCO are the ideal partners to help us make this new company successful as they will provide many of the technical resources necessary to help manage these projects," Richter added.
EGAS was established to organize and diligently handle the activities of the natural gas resources of Egypt in order to add value to the Egyptian economy. EGAS's mission is to create a gas reserves base, establish natural gas infrastructure, and expand local energy markets utilizing natural gas. For more information on EGAS, please visit their website at www.egas.com.eg.
