Egypt looks forward to more BP investments: PM

Egyptian Prime Minister Mostafa Madbouly on Monday stressed his government’s support for British Petroleum’s (BP) investments in Egypt and expressed the government’s expectations of further investments by the company in Egypt’s energy sector in the coming period.

Madbouly expressed the government’s readiness to ease any obstacles that the company may face in its work in Egypt. The Prime Minister expressed the government’s appreciation for the cooperation with BP as one of the oldest international companies operating in Egypt.

This came during a meeting between Madbouly and BP CEO Bob Dudley on the sidelines of the opening of the International Petroleum Conference and Exhibition “EGPS 2019”. The meeting was also attended by Minister of Petroleum and Mineral Resources Tarek El Molla.

The Prime Minister praised the company’s keenness to be present in the Egyptian market over the past years, even in the most difficult circumstances.

For his part, Dudley expressed BP’s interest and keenness to strengthen cooperation with Egypt, revealing that Egypt was among the countries most invested in by the company during the past two years, adding that BP will continue to pump more investments in various promising energy sectors in Egypt.

BP produces close to 10 percent of Egypt’s oil and more than 50 percent of the nation’s gas. With total investments of more than $30 billion, the company is one of the largest foreign investors in the country.

BP is the largest holder of exploration and development acreage in the Nile Delta and plans are in place to progress in the discovery of resources in the basin. The company is also on track to triple its 2016 net production through the delivery of major projects in Egypt by the end of this decade.

Edited translation from Al-Masry Al-Youm

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