BP to invest $12B in Egypt over five years

British oil major BP plans to invest more than $12 billion in Egypt over the next five years, and to double its gas supplies to the local market in the next decade, the country manager of BP Egypt said Tuesday.

“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 $12 billion in the next five years, Hesham Mekawi told an energy conference in Alexandria, referring to a project to develop the West Nile Delta.

BP is one of the largest foreign investors in Egypt, which wants foreign companies to help ease one of its worst energy crises in decades.

Most international energy firms entered Egypt to develop energy for export, but as consumption has increased and production decreased, the government has diverted energy supplies to the domestic market, hurting companies’ profits.