BP plans to invest $3.5 bln in Egypt over next three years

UK oil and gas BP’s chairman Bernard Looney said on Monday that the company plans to invest about $3.5 billion in Egypt over the next three years, through the fields of research, exploration, and development.

President Abdel Fattah al-Sisi received Looney on Monday in the presence of Tarek Al-Mulla, Minister of Petroleum, and Nader Zaki, the company’s Regional President for the Middle East and North Africa.

al-Sisi expressed his appreciation for the British company’s growing activities and investments in Egypt, as they contributed to the exploration and production of gas and petroleum, according to an official statement.

He also stressed on strengthening the existing cooperation with the British Global Company, especially in the area of reducing emissions and energy transition, the green hydrogen production in order to increase exploration.