BP, Egypt sign final dealt for 'biggest foreign investment in country's history'

Published March 15th, 2015 - 07:35 GMT

Cairo has signed on Saturday a final deal with British Petroleum worth $12 billion over four years, reportedly the biggest single foreign investment in Egypt's history.
Under the terms of the deal, the British energy company will develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates in the West Nile Delta, with production expected to begin in 2017.

Gas will be produced by two BP-operated offshore blocks -- North Alexandria and West Mediterranean Deepwater -- with the potential for future exploration.

The project is expected to employ thousands of people.

 


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