Following the cessation of the latest session of the Egyptian-Russian Joint Ministerial meeting, Rusneftegaz can reiterate the desire expressed by the Russian delegation to expand our cooperation with both the companies and Ministries of Egypt. Although our organization did not participate in the talks directly, we eagerly anticipate working with officials and our counterparts in the North African country for the mutual benefit of their petroleum industry. Since our interest in conducting operations abroad was first established more than eighteen months ago, we are pleased that the Government of the ancient nation has become increasingly receptive to foreign corporations working on their territory. Over the past two decades, our organization has accumulated the resources and expertise necessary to partially facilitate the new investment required to rejuvenate and revive hydrocarbon production in the country, which is one of the largest net exporters of refined products in the world that is not a member of the Organization of the Petroleum Exporting Countries, otherwise known as OPEC. In spite of the fact a considerable percentage of their oil reserves are depleting and being depleted, Rusneftegaz maintains the capacity to supply a comprehensive range of goods and services that are suited to, and derive from, our extensive experience operating in the extreme climates and conditions of Western Siberia. However, the Arab nation continues to possess considerable reserves of crude yet to be extracted, and therefore Rusneftegaz will also actively consider and participate in tenders for both oil and gas exploration, in addition to supplying equipment to hydrocarbon production companies. Thus, we are prepared to collaborate with Egyptian businesses in comprehensive partnerships to assist the development of one of the largest fossil fuel sectors on the African continent, with Deputy Chief Executive Officer Aleksandr Filyurin commenting:
“Firstly, we must thank all the members of the Russian delegation at the meeting, who continue to work their hardest to help us fulfil our long-term aim of international expansion. We must also thank all the members of the Egyptian delegation who have worked with us on our international expansion plans over the past couple of years, and will continue to work with us, hopefully long into the future. Egypt, like all the other markets we have considered entering over the past two years, is an exciting market for us to be potentially entering, and I hope that we will be able to announce what we are planning to do sometime soon.”
Rusneftegaz is continuing our pursuit of growth internationally across a broad range of countries and territories, including in both Algeria and Iran, where talks remain ongoing. Not only does this encompass locations where we may begin extraction, particularly with our proficiency in working on challenging wells, which is particularly relevant in Egypt, but also where we could commence new undertakings. For instance, our management is currently pursuing the acquisition of new electrical generating capacity, either in Russia or aboard, in conjunction with a new international petroleum trading business that will be based at a global hub for our expanding activities. Should there be any further updates regarding our business in Egypt or any other country; we shall endeavor to make a prompt announcement at an appropriate time.
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