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HomeAfricaBP Plans To Invest $1.5 Billion In The Development Of The Oil...

BP Plans To Invest $1.5 Billion In The Development Of The Oil And Gas Industry In Egypt

The company’s chief executive, Murray Auchincloss, is also interested in the possibility of investing an additional $5 billion in this area in the future.

The British company British Petroleum (BP) intends to invest at least 1.5 billion in the development of the oil and gas sector of the Egyptian economy. This was stated by the company’s executive director Murray Auchincloss during a meeting with Egyptian President Abdel Fattah el-Sisi on the sidelines of the International Energy Exhibition and Show EGYPES-2024 (Egypt Energy Show).

“The company is interested in continuing investments in oil and gas production in Egypt <…> and plans to invest $1.5 billion in the development of the Egyptian oil and gas industry and, in particular, in exploration of new fields, with the opportunity to invest additionally in the future $5 billion in this area,” Auchincloss was quoted as saying by the Egyptian news portal Al-Youm as-Sabia.

For his part, al-Sisi praised BP’s outstanding performance and its growing investment in the Egyptian economy, noting that “the company’s actions are in line with the aspirations of the Egyptian authorities to transform the country into a regional center for the production and trade of energy resources.” The Egyptian leader added that his government “attaches great importance to promoting the activities of foreign companies in Egypt and private sector enterprises in the oil and gas industry,” and stressed that his state is committed to strengthening existing cooperation with BP, especially in the field of green hydrogen production.

Earlier, Egypt’s Minister of Petroleum and Mineral Resources Tariq al-Mulla, at the opening of the exhibition, expressed confidence that his country “has an attractive investment climate due to its internal security, political stability and appropriate infrastructure.” He called on the international community to “help the African continent make an energy transition on fair terms” and provide African countries with support, supplies of goods “at affordable prices” and financing of local projects on preferential terms.

The international energy exhibition and show EGYPES-2024 opened in Cairo on February 19 and will last until February 21. It is considered the largest in this area in Africa and the Mediterranean and will be held under the patronage of Egyptian President Abdel Fattah al-Sisi. More than 400 companies from the energy sector are expected to take part, and dozens of events will be organized as part of the exhibition, including international seminars and conferences.

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