Arab Today, arab today bp unveils 12bn investment in egypt gas fields
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Together with Russian-owned partner DEA

BP unveils $12bn investment in Egypt gas fields

Arab Today, arab today

Arab Today, arab today BP unveils $12bn investment in Egypt gas fields

British energy giant BP
London - Arab Today

British energy giant BP said Friday it would invest $12 billion (11 billion euros) in gas fields in Egypt together with Russian-owned partner DEA, calling it a "vote of confidence" in the country.
"The WND (West Nile Delta) project investment is the largest foreign direct investment in Egypt," BP's chief executive Bob Dudley said in a statement after final agreements were signed.
"WND production is key to Egypt's energy security," he said, with BP announcing that all the gas would be fed into the national grid and would eventually double BP's supply to the domestic market.
Hesham Mekawi, BP North Africa's regional president, said the agreements marked "a critical milestone in the Egyptian oil and gas history".
BP said that during the construction phase the project would employ thousands of people.
The aim is to develop five trillion cubic feet of gas resources and 55 million barrels of condensates, with production expected to begin in 2017.
"The project underlines BP's commitment to the Egyptian market and is a vote of confidence in Egypt's investment climate and economic potential," the statement said.
Gas will be produced by two BP-operated offshore blocks -- North Alexandria and West Mediterranean Deepwater -- with a potential for future exploration.
BP holds a 65-percent stake in the project, while DEA owns the remaining 35 percent.
DEA was the oil and gas unit of German power giant RWE, which was sold to a Russian-controlled investment fund, LetterOne, earlier this week.
LetterOne is based in Luxembourg, but controlled by Russia's Alfa Group which belongs to billionaire entrepreneur Mikhail Fridman.
BP is already one of the largest foreign investors in Egypt, with investments totalling more than $25 billion over the past five decades.
It has existing operations in the Gulf of Suez and the East Nile Delta.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bp unveils 12bn investment in egypt gas fields Arab Today, arab today bp unveils 12bn investment in egypt gas fields

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bp unveils 12bn investment in egypt gas fields Arab Today, arab today bp unveils 12bn investment in egypt gas fields

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday