144 National Energy Services Reunited Corp. (NESR) is poised to expand its business in Egypt significantly, aiming for a 25% year-on-year increase by the end of 2024, as disclosed by the firm’s Country Director, Ayman Hamam, to Al Arabiya Business. NESR’s growth strategy hinges on capitalizing on oil and gas exploration projects across various concession areas facilitated by the Egyptian Ministry of Petroleum and Mineral Resources. Hamam emphasized the company’s commitment to leveraging these opportunities to bolster its presence in the Egyptian market. In addition to targeting project expansions, NESR aims to secure a new supply contract with Egypt’s Belayim Petroleum Company (PETROBEL) by the second half of the current year, signaling its proactive approach to business development. NESR’s existing business volume in Egypt currently stands at $90 million. The company has made substantial investments in the Egyptian market, with investment costs ranging between $450 and $500 million since its acquisition of Sahara Petroleum Services (SAPESCO) in 2020, according to Hamam’s statements. The firm’s strategic focus on expansion and partnership initiatives underscores its commitment to capitalizing on Egypt’s oil and gas sector’s growth potential while solidifying its position as a key player in the market. You Might Be Interested In NTSB Probes Southwest 737 MAX “Dutch Roll” Incident Robinhood to Acquire Bitstamp in $200 Million Deal Navigating Market Fluctuations: Insight into Burlington Stores Inc’s Recent Stock Movement Cisco Secures EU Antitrust Approval for $28 Billion Splunk Acquisition Sachem Head Capital’s New Bet on CVS Health Amid Stock Price Decline Sparks Speculation of Activist Investor Moves UK Implements Ban on Foreign Care Workers Bringing Family Members
