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Tuesday, October 3, 2017
GlobalConnect Ltd. received final approval from Egypt to acquire a 25% participating interest in the Abu Sennan Area in the Western Desert. The acquisition is part of the farm-out agreement between GlobalConnect and Kuwait Energy.
The contract, with effective date of December 31, 2016, was signed by Sherif Foda, Founder and Chairman of GlobalConnect, and Sara Akbar, Kuwait Energy’s CEO.
“We are both proud and honored to play an active role in the relaunch initiative of the Egypt Oil & Gas industry led by the ministry. This endeavor will enable us to further invest into the fast-growing economy of Egypt,” Foda stated on the occasion ofthe signing ceremony.
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