By: AGBI

Egypt state-owned engineering company Enppi is nearing its first contract win in Oman, which involves expanding oil facilities in the Budur region, according to a media report.

The contract, valued at $350 million, will be awarded by OQ Exploration and Production (OQEP), Asharq Business reported, citing an unidentified Egyptian government official.

Enppi will oversee engineering design, procurement, construction and commissioning, the source said.

The project is expected to be completed within 26 months from the signing date.

Founded in 1978, Enppi is majority-owned by the Egyptian General Petroleum Corporation, which holds a 97 percent stake. The company plans to execute projects worth about $5.5 billion by 2028, the report said, citing company data.

The company has delivered 10 projects across Saudi Arabia, the UAE and Jordan, and has undertaken several major developments in Egypt, including the Midor refinery expansion in Alexandria and a greenhouse complex in Lahoun.

OQEP, which was established in May 2009 as a limited liability company, was listed on the Muscat Security Market in October 2024. Its core operations include crude oil and natural gas extraction, well drilling, field exploration and oil and gas production services.

Oman pumps about 1 million barrels of crude oil per day. Oil and gas account for about 72 percent of Oman’s national revenues.