BP….. Petroleum Projects in Egypt with Investments of $11 Billion
The Egyptian Prime Minister, Dr. Essam Sharaf received Mr. Bob Dudley, President of the British company, British Petroleum (BP), with the attendance of Eng. Abdullah Ghorab Minister of Petroleum and Mineral Resources, to study the possibility of erecting a mega natural gas project in Egypt with total investments reaching $11 billion, over 5 years time period. The most essential part of the project is located west the Mediterranean Sea and provides 5 thousands job opportunities. It worth mentioning that, BP is a partner in GUPCO with 20% of its investments.
The President of BP announced pumping $1.5 billion of the investments in the project; the rest will be constantly pumped within the forthcoming years.
Moreover, he pointed out that BP's investment in Libya reaches $700 million and drilling activities have been suspended only one day after launching its operation due to the unrest taking place in the country, and he wished for stability returning back to the country to proceed with the company’s operations.
However, Bob Dudley emphasized that a large amount of the company's investment in Egypt will be directed to the development of small and medium size companies, and that despite the recent events the company will not stop its operations and commitments in Egypt, which last more than 50 years.