Global oil powerhouse British Petroleum (BP) plans to pursue investment plans of up to USD 3.5 billion in Egypt, its chief executive Bernard Looney said on Monday, citing exploration and discovery as the primary components of the endeavor.
These plans were discussed amid talks between the BP official and Egyptian President Abdulfattah Al-Sisi, according to a statement by the presidency, which underlined the six-decade long “strategic partnership” between both sides.
Such endeavors are instrumental in allowing one of the Muslim world’s most populous nation to morph into a “regional hub” for energy and power output, the Egyptian president said, emphasizing Cairo’s growing ties with global companies such as BP.
In 2015, Egypt and BP clinched an investment deal worth USD 12 billion for petroleum exploration and expansion work around the Nile River and the Red Sea.
Source: Kuwait News Agency