CAIRO, Feb. 19 (Xinhua) — Energy giant British Petroleum (BP) planned 1.5-billion-U.S. dollar new investments for development and exploration activities in Egypt, the Egyptian presidency said on Monday.
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, said the statement.
During the meeting, Auchincloss announced that there is a potential for an additional 5 billion U.S. dollars in investments over the coming years, according to the statement.
He affirmed BP’s keenness on further boosting its investment in the field of oil and gas exploration in Egypt, adding that Egypt stands as a priority destination for the company’s exploration investments.
For his part, Sisi said that BP’s activities are 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 has invested more than 35 billion U.S. dollars in Egypt over the past 60 years.
