Egypt, British BP Company Sign $12Bln Energy Contract

Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail stated that Egyptian government and British Petroleum (BP) company signed a $12-billion deal in the framework of Egypt Economic Development Conference.

SHARM EL-SHEIKH (Sputnik) — Egyptian government and British Petroleum (BP) company signed a $12-billion deal on Saturday on extraction of gas recently discovered in the Nile Delta, Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail said.

The agreement was signed in the framework of Egypt Economic Development Conference held on Sharm El-Sheikh on March 13-15.

“By 2020, Egypt will be able to narrow the gap [between export and import] and reduce import,” Sherif Ismail told reporters.

In the past weeks, BP has made several significant gas discoveries in the East Nile Delta and agreed to invest around $12 billion in the fields’ exploration.

During the economic conference, Saudi Arabia, the United Arab Emirates and Kuwait also agreed to provide Egypt with $12 billion in economic aid. Meanwhile, Oman promised to allocate $500 million to Egypt in the next five years.