SinoTharwa Drilling Company is a limited liability company established on September 05th, 2005, under the Egyptian investment authority approved decree on November 11th, 05. A Free zone Company; subject to Egyptian investment law No.8 for the year 1997.
SinoTharwa had US$ 18 million in capital at its formation, shared equally between Tharwa Petroleum Company and Sinopec Star Petroleum Company. In 2007, the company’s capital had been raised to US$ 40 million, by which time the Egyptian Holding Gas Company (E-gas), had become involved in the joint venture. Then, by 2008, the company’s capital had reached US $80 million, composed of Tharwa (31 percent), EGAS (19 percent) and Sinopec Star (50 percent).
By the end of the year 2008, company’s financial results was as follows: -
- Company’s investment >>>> 342 million USD.
- Company’s’ Revenue >>>> 71 million USD.
- Company’s Net Profit >>>> 15 million USD.
- Return on Equity >>>> 25%..
SinoTharwa Drilling Co.
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