BP signs $12 billion energy deal in Egypt

BP has signed an agreement to invest $12 billion in Egypt that will produce 3 billion barrels of oil equivalent. (Reuters)

Oil company BP has signed an agreement to invest $12 billion in Egypt that will produce 3 billion barrels of oil equivalent, a joint statement from the company and the government said on Saturday.

The deal, finalized at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades.

The agreement will include a West Nile Delta project, exploration and resource appraisal activities, East Nile Delta operations and operations in the Gulf of Suez.

Rising energy consumption and decreasing production have turned Egypt from a net energy exporter to a net importer in the last few years and caused persistent blackouts.
 

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Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46
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