BP to invest $12B in Egypt gas in 5 years 
Egyptian Natural Gas Holding Company - YOUM7 (Archive)

CAIRO: British Petroleum (BP) plans to invest more than $12 billion in Egypt by 2020, doubling the country’s natural gas supplies, the World Tribune reported Tuesday.

In December, Minister of Petroleum Sherif Ismail said Egypt paid $2.1 billion of its debt to foreign contractors in the third 2014 batch to energy firms, and would pay the remaining $3.1 billion debts in June 2015.

Earlier in January, Circle Oil said it received $15 million payment from Egypt, and Gas producer BG Group said received a $350 million.

Amid Egypt’s energy crisis, the government has decided to open bids for shale gas exploration in the Western Desert and has reduced energy subsidies.

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