Arab Finance: The Arab Contractors Company has signed an exclusive commercial agency agreement with China's Chengdu HLF Diamond Bit Co., Ltd. to represent and market the Chinese manufacturer's oil and gas drilling equipment in Egypt, according to a statement.
The agreement covers polycrystalline diamond compact (PDC) drill bits, well-expanding tools, and rock sampling bits.
HLF manufactures these tools to American Petroleum Institute (API) specifications and international quality (ISO) certifications, drawing on more than 25 years of experience.
The agreement was signed by Ahmed El Adalany, Board Member of the Arab Contractors Company, and Cheng Xingfa, General Manager of HLF.
For his part, Arab Contractors Chairman Ahmed El Assar said the partnership marks a strategic step toward diversifying the company's activities beyond construction and contracting and entry into oil and gas services.
Both companies aim to build a long-term partnership and explore opportunities for localizing the manufacturing of drilling equipment in the future to serve the Egyptian and regional markets.
