British oil major, BP is set to invest $1.5 billion in politically unstable Egypt as it plans to ramp up production of natural gas in the country, it emerged on Monday.
Reuters, citing a report by state agency MENA, reported that this came on the back of energy crisis the North African country faces, more so after three years of political problems there.
Khaled Abdel Badie, the head of the state-owned Egyptian Natural Gas Holding Company (EGAS), told Reuters that Egypt was looking at obtaining a further $2.5 billion for gas imports until the end of this year.
It is believed that Egypt needs natural gas for power generation to cover for the nationwide shortages following the continued deterioration in local production of gas.
Abdel Fattah El-Sisi, former army chief likely to win elections to be held later this month in Egypt, has, according to Reuters, put forward a promise to tackle Egypt’s energy difficulties once he comes to power. (VENTURES AFRICA)
