Egypt Launches Groundbreaking Oil Shale Exploration Initiative
Egypt is pioneering a new chapter in alternative energy development through its first oil shale exploration and production project, marking a significant step toward energy diversification and mining sector advancement.
The New Valley Company for Mineral Resources and Oil Clay (Wadico) has signed a strategic cooperation agreement with the global BCM Group to launch this unprecedented initiative. The partnership aims to expand cooperation in oil shale exploration, mining, and production within Egypt and at regional and international levels.
The agreement represents a qualitative leap in technical and geological expertise exchange, opening doors to utilizing oil shale as an alternative energy source for power generation and as sustainable fuel for cement factories. This development significantly enhances Egypt’s capacity to diversify its energy portfolio.
BCM Group brings proven expertise as a leading global mining services entity with successful projects across Africa and the Middle East. The company is recognized for operating the most successful oil shale exploration and production model in the Middle East through its pioneering project in Jordan.
Wadico also signed a tripartite memorandum of understanding with ASEC for Mining (ASCOM) and ASCOM Carbonate and Chemicals Manufacturing (ACCM) for sandy kaolin extraction and processing. The agreement aims to maximize Egyptian kaolin’s added value through separation and grinding operations, serving various industrial uses and enhancing competitiveness in global markets.
Source: egyptoil-gas.com
