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BP to boost Egypt’s energy sector with $3.5 billion investment

Renewable energy projects in Egypt will take up a portion of BP's investment, with a focus on green hydrogen production.

BP to boost Egypt’s energy sector with $3.5 billion investment
[Source photo: Pankaj Kirdatt/Fast Company Middle East]

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Over the next three years, energy giant BP has announced it will invest $3.5 billion in Egypt towards exploration, production, and local development. A portion will also go towards renewable energy projects, focusing on green hydrogen production. 

This announcement follows Egyptian President Abdel Fattah El Sisi’s meeting with BP’s chief executive Bernard Looney on Monday.

The presidency described BP’s investment portfolio in Egypt, which dates back 60 years, as “pivotal” to the country’s energy sector.

According to its website, BP invested over $35 billion in the country.

BP currently produces around 60% of Egypt’s gas through a joint ‎venture with the Pharaonic Petroleum Company and Petrobel in the East Nile ‎Delta and through BP’s operated West Nile Delta (WND) gas development.

The WND development, BP’s first operated asset in the country, includes five gas fields that produce 1 billion cubic feet per day of natural gas. According to the company’s website, the development is worth $9 billion.

The UK energy company is also a 33% shareholder of a natural gas liquids plant extracting LPG and propane, United ‎Gas Derivatives Company, in partnership with Eni/IEOC and GASCO (the Egyptian ‎midstream gas distribution company).

BP’s solar power joint venture Lightsource BP formed a joint venture with Hassan Allam to fund, ‎develop, and operate solar projects locally, offering world-class solutions to expand renewable energy resources in Egypt.

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