British Petroleum invest $1.5bn in Egypt

Cairo, Feb. 20, 2024: Energy giant, British Petroleum (BP) plans  1.5-billion U.S. dollar new investments for development and exploration activities in Egypt, the Egyptian presidency says.

The announcement was made after a meeting in Cairo between Egyptian President Abdel-Fattah al-Sisi and BP Chief Executive Officer Murray Auchincloss in Cairo.

During the meeting, Auchincloss announced that there is a potential for an additional five billion U.S. dollars in investments over the coming years, according to a statement by the presidency.

Auchincloss affirmed BP’s keenness on further boosting its investment in the field of oil and gas exploration in Egypt.

He added that Egypt stood as a priority destination for the company’s exploration investments.

On his part, Sisi said that BP’s activities were aligned with Egypt’s goal of transforming into a regional hub for energy production and trade.

He underscored the state’s commitment to facilitating the operations of international companies and the private sector in this domain.

On its website, BP said it had invested more than 35 billion U.S. dollars in Egypt over the past 60 years.