BP to invest $1.5bn in Egypt

BP plans to invest $1.5bn (£890m) this year to increase its production of natural gas in Egypt, hit by an energy crisis following three years of political turmoil, the state news agency MENA said yesterday. Egypt is seeking to raise $2.5bn to cover natural gas imports until the end of December, the head of state-run Egyptian Natural Gas Holding Company (EGAS) Khaled Abdel Badie has said. BP representatives were not immediately available for comment.

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