Egypt-Kuwait Holding Company (EKH) said on Monday it is investing nearly $200 million in oil and other projects in 2023 in Egypt.

The Company, which operates in oil, gas and chemical sectors, had in early 2023 approved $170 million for expansion projects but it revised its expansion plans for the year, it said in a statement on Egypt’s bourse.

The Company’s projects include drilling wells in its offshore concession field in Egypt’s Sinai Peninsula, completion of a medium-density fibreboard plant and execution of the remaining work in its Kahraba power station, the statement said.