The deal was concluded by Egyptian Oil Minister, Eng. Sameh Fahmy and Ulf Henriksson CEO of Invensys. It will facilitate a significant increase in the technical knowledge of Egyptian engineers. The sharing of Invensys Process Systems' expertise both with existing engineers and Egypt's new engineering graduates is designed to generate a deeper understanding of process control in the Oil and Gas sector.

"This joint venture is an important milestone in the expansion of the Egyptian Oil and Gas industry. Invensys Process Systems have clearly recognised the significant market potential in Egypt and as a partner we will benefit substantially, not only in the field technology transfer, but in job creation and local manufacturing", said Oil Minister, Eng. Sameh Fahmy.

Ulf Henriksson, Invensys CEO said, "I attach great importance to this new venture. This best business practice model enables profits to be shared with our customers while creating genuine partnership. We are committed to building a world class modern facility which will include a versatile staging area, workshop and warehouse capable of handling the largest automation projects. Naturally we hope that our significant local presence will help enlarge our installed base in the country and promote the growth of high technology demand".

The Chairman of the company will be Eng. Mohamed Saad Yahia who is the Assistant Chairman of ENPPI while Invensys Process Systems will be appointing a General Manager shortly. This first joint venture is likely to be the first of many as Invensys Process Systems role out this new business development model into emerging markets worldwide.