(Ecofin Agency) - China’s Petroleum and Technology Development Corporation (CPTDC), a wholly owned subsidiary of China National Petroleum Corporation (CNPC), has announced plans to invest about $10 million in Egypt Li Qitang, Egypt’s chief office representative revealed.

The $10 million will be used to gather and produce oil equipment locally in the country.

“We are currently trying to find a local partner from the public sector in Egypt so that we can go forward with the investment plan,” Qitang pointed out adding that discussions have been ongoing between CPTDC and some Petroleum companies in the country. He, however, did not reveal their names.

Li noted that this is the first of many future investment plans for the company in the country.

CPTDC has been present in Egypt’s market for 10 years. It is one the major suppliers of oil equipment, Albawaba news reports.