bp unveils 12bn investment in egypt gas fields
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Together with Russian-owned partner DEA

BP unveils $12bn investment in Egypt gas fields

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice 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

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*

bp unveils 12bn investment in egypt gas fields bp unveils 12bn investment in egypt gas fields

 



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*

bp unveils 12bn investment in egypt gas fields bp unveils 12bn investment in egypt gas fields

 



GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 09:56 2017 Friday ,17 February

Jacadi appoints Fuse Communications

GMT 13:21 2016 Monday ,19 September

Red, black, yellow and cleavage

GMT 10:40 2012 Friday ,27 July

Britney Spears in hot pink jeans

GMT 11:22 2018 Tuesday ,23 January

to 'eternal style' of late Alaia

GMT 05:56 2015 Monday ,14 September

5 Saudi troops die on Yemen border

GMT 08:58 2017 Tuesday ,12 September

Model Graham celebrates sexy curves

GMT 12:17 2015 Saturday ,26 September

SENSAI to launch Ultimate Christmas Coffret

GMT 19:04 2017 Tuesday ,05 September

Haute couture isn't limited to the runway

GMT 05:17 2024 Wednesday ,07 February

Amazon to open first cashierless shop

GMT 05:04 2024 Tuesday ,06 February

Skincare PR Performance Full Year 2017

GMT 23:05 2011 Tuesday ,13 December

Paula Patton in D&G Gown
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice