(MENAFN) British oil major BP announced it is planning to invest more than USD12 billion in Egypt during the next five years, which will be used to double its gas supplies to the local market in the next decade, Gulf Daily News reported.
"BP is committed to unlock Egypt's oil and gas potential and gradually double its gas supply during this decade. This will be achieved by injecting more than USD12 billion in the next five years," BP Egypt Manager said.
The company said that the majority of these funds will target a project to develop the West Nile Delta, though BP did not provide any further information about the project.
The majority of international energy firms entered Egypt to develop energy for export, but as domestic consumption has increased began to increase while production decreased, the government has diverted energy supplies to the domestic market, which resulted in having a negative effect on these companies' profits.
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