Egypt has announced setting up the first petroleum services company in the Sinai Peninsula, as the country seeks to tap the energy resources of the area, Almasry Alyoum has reported. The company is tasked with providing petroleum and mineral exploration services, as well as establishing training centres in the city of Arish, Oil Minister, Sameh Fahmi said. The new company is a joint stock venture with 40 per cent of shares owned by the Egyptian General Petroleum Corporation.