British Petroleum (BP) Egypt Chairman Hesham Mekawi announced on Tuesday that BP plans to invest more than $12bn in Egypt over the coming five years, and the company also plans to double the amount of gas it supplies to the Egyptian domestic market over the next ten years.
According to statements made by Mekawi during an energy conference in Alexandra, BP is committed to opening up to the oil and gas market in Egypt and doubling the gas supply within the next decade, through the company making investments of $12bn.
BP is one of the largest investors in the Egyptian energy sector. Mekawi said that the company hopes to help lift Egypt from the current energy crisis, which is the worst in decades.
The Egyptian government has announced its intention to repay $4.9bn in debt to foreign oil and gas companies within six months.