SEDCO for Petroleum Services Signs Contract with Suez Oil Processing

SEDCO for Petroleum Services, a 97% subsidiary of Elsewedy Electric Company, has inked a US$25.316 million (EGP 400 million) contract with Suez Oil Processing Company (SOPC), one of the EGPC affiliated companies. Under the eight-month contract, SEDCO for Petroleum Services will focus on the supply of cables, cable glands, cable trays, and accessories, according to a press release on Thursday.

It is noteworthy to mention that during the first nine months (9M) of 2021, Elsewedy logged consolidated net profits of EGP 2.51 billion (US$158.857 million), up by 30% year-on-year (YoY) from EGP 1.93 billion (US$122.149 million), including minority shareholders' rights.