BP’s $1.5bn investment to boost Egypt’s gas production




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British oil , BP is set invest $1.5 billion politically unstable Egypt as it plans to ramp up production of natural gas in country, it emerged on Monday.
Reuters, citing a report by state agency MENA, reported this came on the back of energy crisis the North African country faces, more so after three years of political 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 shortages following the continued deterioration in local production of gas.
Abdel Fattah El-Sisi, former army 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)