British oil major BP to invest $3.5 bln in Egypt in 3 years: CEO

The British multinational oil major BP said its investment plans with partners in Egypt in the fields of search, exploration and development amount to $3.5 billion over the coming three years.

BP CEO Bernard Looney reviewed the company’s investment plans with its partners in Egypt in a meeting with Egyptian President Abdel Fattah El-Sisi on Monday.

Looney highlighted the ongoing efforts to build human cadres working in the field of energy in Egypt in cooperation with the Egyptian Ministry of Petroleum and Mineral Resources.

The company is also keen to provide scholarships to young Egyptian people to study in major British universities, Looney noted.

For his part, Sisi voiced appreciation for the company’s growing investments in the gas and petroleum exploration activities in Egypt in a way that enhance the country’s transformation to a regional hub for energy production and circulation.

Sisi also stressed the importance that the state attaches to the participation of the global companies and the private sector in the fields of petroleum, gas and renewable energy.