On April 26th, ZPEC Egypt signed an integrated drilling services contract for 300 water wells with Canal Sugar Co., Ltd. with a total contract value of approximately $12.7 million USD. This contract will enable the further consolidation of the Egyptian and North African markets. At present, the start-up of the project calls for three drilling rigs to be relocated. Actual drilling is expected to begin in late May 2018.

Canal Sugar Co., Ltd. is a wholly-owned subsidiary of Dubai Jamal Group in Egypt. The company leased approximately 190,000 acres in Minya, Middle Egypt, for agricultural planting and development.  They built the sugar factory with a production capacity of 1 million tons per year as well as processing of additional agricultural products.  The overall project investment is valued at $970 million USD.  The 300 water wells will meet the needs of the project for agricultural irrigation.

Since ZPEC Egypt entered the Egyptian drilling market in 2016, it has achieved outstanding results and established the ZPEC brand image as the leader in the local drilling market through cooperation with the Ministry of Water Resources and the Egyptian military.  The two sides hope to use this contract as an opportunity to expand the depth and breadth of cooperation and to capitalize on the rapid, new  development in the area.  (Reported by Wang Yang)