British Petroleum to invest $3.5B in Egypt within three years

President El-Sisi also stressed the importance of international companies and the private sector’s contribution in the fields of oil, gas, and renewable energy, as it aligns with Egypt's aspiration to become a regional hub for oil production and energy trading.

By: Business Today Egypt

Mon, Aug. 28, 2023

British Petroleum to invest $3.5 billion in the Egyptian market within the next 3 years. CEO of British Petroleum (BP) Bernard Looney presented the company's investment plans with its partners in Egypt during the next three years in the areas of research, exploration and development.

This was during his meeting on Monday with the Egyptian President Abdel Fattah El-Sisi in the presence of Minister of Petroleum and Mineral Resources Tarek El-Molla, and the company's regional president for the Middle East and North Africa Nader Zaki.

President El-Sisi commended the British company's growing activities and investments in Egypt and its contribution to the exploration and production of gas and oil in addition to green hydrogen production.

President El-Sisi also stressed the importance of international companies and the private sector’s contribution in the fields of oil, gas, and renewable energy, as it aligns with Egypt's aspiration to become a regional hub for oil production and energy trading.

During the meeting, Looney also noted the ongoing efforts made in cooperation with the Ministry of Petroleum to support capacity building of human cadres working in the field of energy in Egypt, in addition to the BP's keenness to play its role in terms of social responsibility by providing scholarships for Egyptian youth to study in British universities.

BP CEO also stressed the centrality of the strategic partnership between Egypt and BP that has spanned over 60 years, praising Egypt’s achievements under El-Sisi in terms of development, especially in the field of infrastructure.

According to BP’s website, over the span of the 60 years, the oil company invested more than $35 billion. It currently produces around 60% of Egypt’s gas through a joint ‎venture with the Pharaonic Petroleum Company (PhPC) and Petrobel (IEOC JV) in the East Nile ‎Delta as well as through BP’s operated West Nile Delta (WND) gas development.