$3.5 billion.. British Petroleum (BP) investment in Egypt

British Petroleum (BP) announced that it intends to invest about $3.5 billion in the Egyptian oil and gas sector over a period of 3 years.

Strategic partnership

The CEO of BP, Bernard Looney, stressed the centrality of the strategic partnership with Egypt, which spanned over 60 years, praising what Egypt has achieved in terms of development, especially in the field of infrastructure, which is reflected positively on various investment paths, especially in energy and energy. renewable energy, in addition to ongoing regional cooperation projects in the eastern Mediterranean for gas transportation and liquefaction, as well as for electrical connection.

This came during Looney's meeting with Egyptian President Abdel Fattah El-Sisi, in Cairo,in 28-8-2023, to present the company's investment plans with its partners in Egypt over the next three years in the fields of research, exploration and development, in the presence of Tarek El-Mulla, Minister of Petroleum and Mineral Resources, according to presidential spokesman Ahmed Fahmy.

Energy transition

Al-Sisi affirmed his country's aspiration to enhance existing cooperation with BP, including in the field of emissions reduction and energy transition, in addition to green hydrogen production.

The spokesman said, in a press statement, that Sisi “expressed appreciation for the volume of the British company’s growing activities and investments in Egypt, with its contribution to the exploration and production of gas and oil, which supports this sector in a pivotal way, and enhances efforts to transform Egypt into a regional center for energy production and trading».

Renewable energy

Al-Sisi stressed the importance that the state attaches to the participation of international companies and the private sector in the fields of oil, gas and renewable energy, and then Egypt's aspiration to enhance existing cooperation with the British global company, including in the field of reducing emissions and energy transition, in addition to green hydrogen production, in an effort to increase exploration and production, and maximize Benefiting the state from its potential resources for the benefit of present and future generations.

Industrial sector

Meanwhile, Sisi announced an incentive package for the country's industrial sector, to support industrial activity and accelerate the process of localizing the industry.

According to a statement by the presidential spokesperson, the package includes providing tax exemptions, refunding a percentage of the value of the allocated lands, and expanding the granting of the golden license, in order to accelerate the implementation of industrial projects in priority sectors, such as chemicals, minerals, building materials, and textiles, as well as increasing foreign direct investment.