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BP says invested $ 14B in Egypt over past 5 years

BP says invested $ 14B in Egypt over past 5 years

BP had invested $14 billion in Egypt over the past five years, its new CEO Bernard Looney said on Tuesday.

Looney said at an energy conference EGYPS in Cairo that his company contributed to producing 40 percent of Egypt’s oil production over the past five decades.

The company’s investments in Egypt totalled $35 billion, making it one of the largest foreign investors in the country, he added.

BP has a successful track record in Egypt stretching back more than 55 years. Its investments in the country include West Nile Delta, Atoll, and Zohr.

Later on Tuesday, Egyptian President Abdel Fattah al-Sisi met with Looney in the presence of Prime Minister Moustafa Madbouli and Petroleum Minister Tarek el-Molla.

Sisi hailed BP’s role in the oil and gas exploration in Egypt, adding that the British company also helped the country to become a regional gas hub in the east Mediterranean.

Looney said Egypt was and would remain a strategic partner for BP, hailing the achievements made in the country in the fields and oil and gas discoveries. Source: Amwal Al Ghad

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