Monday, 12th November 2018
BP will invest $1.8 billion in Egypt next year, according to BP’s chief executive Bob Dudley, The National reported.
“We’ve spent in the last two years $6.8bn in Egypt and it will be about $1.8bn dollars next year,” Dudley told The National in an interview in Abu Dhabi.
BP’s regional president of North Africa, Hesham Mekkawy, previously said that the company will invest $2 billion in Egypt during 2019.
BP’s latest spending plans are a substantial decrease from the $4 billion invested in Egypt in 2017.
Dudley also confirmed that the company will be investing significantly in Abu Dhabi, promising $1 billon each year. The company has already discussed investing in the Ruwais downstream facility with the Abu Dhabi National Oil Company (ADNOC). The Emirate is planning to invest $45 billion in the facility over the next five years in collaboration with international partners.
“We’ve reviewed and we’re part of the process with Ruwais. That’s yet to be decided”, Dudley said.