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BP to invest $12bn in Egypt

BP intends to invest over $12bn in Egypt over the next five years, as part of its strategy to double the gas supplies to the local market over the next 10 years.

Retuers quoted BP Egypt country manager Hesham Mekawi as saying: "BP is committed to unlock Egypt's oil and gas potential and gradually double its gas supply during this decade.

"This will be achieved by injecting more than $12 billion in the next five years."

Egypt has been looking at overseas investors to ease the energy crises that the country is undergong in decades.

The country intends to repay $4.9 billion debt to overseas oil and gas companies within six months.

This will prompt the companies to make investment into exploration.

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Copyright:
Reuters
Published on:
December 10, 2014
Source url:
http://www.energy-business-review.com/news/bp-to-invest-12bn-in-egypt-101214-4464779
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