CAIRO, Aug. 28 (Xinhua) — The Egyptian presidency announced on Monday that British Petroleum (BP) and its partners will invest 3.5 billion U.S. dollars in Egypt over the next three years, according to a statement.
This announcement followed a meeting between Egyptian President Abdel-Fattah al-Sisi and BP’s CEO Bernard Looney.
Looney stated that these investments will focus on research, exploration, and development.
President al-Sisi praised BP’s increasing operations and investments in Egypt, as well as its contributions to gas and oil exploration and production.
Sisi added, “These efforts are crucial in strengthening the oil sector and working towards making Egypt a regional hub for oil production and energy trading.”
The Egyptian president also emphasized Egypt’s desire to enhance collaboration with BP in emissions reduction, energy transition, and green hydrogen production.
According to BP’s website, the company has already invested more than 35 billion U.S. dollars in Egypt during the past six decades.
Credit: The Star : News Feed
