BP In Talks To Begin US$18 Bln Egyptian Mediterranean Gas Project
Published Monday, 28 January 2013 17:41 | Written by Doaa Nagib & Sayed Badr
Energy giant BP is currently in talks with the Egyptian government over financing a deep-water natural gas production project in Egypt’s Mediterranean sea within a period of time ranging between 4 to 5 years with estimated investments worth US$18 billion.
Dr. Osama Okail, Professor of Highways and Traffic Engineering at Ain Shams University, said the British oil conglomerate is currently negotiating with the Egyptian ministries of Investment and Transport over the implementation of the deep-water natural gas production project in Egypt’s Mediterranean sea. Okail noted that BP has already completed all the studies on the project.
Moreover, Dr. Okail stated that the BP is targeting the completion of the project within the coming 4-5 years. BP is currently in talks with the country’s General Authority for Roads, Bridges and Land Transport (GARBLT) seeking to make use of all the roads and bridges so as to implement the project.
“Egypt will benefit from half of the project’s outcome; while BP will obtain the second the half.” Okail added
Most Popular »
- Gold drops on steady dollar with Fed rate hike in focus
- Dollar rallies, U.S. stocks fall as Fed shakes 'complacent' markets
- Oil steady in volatile session, down 2 percent for the week
- Oil prices fall over 1 percent on rising Iraq output, strong dollar
- Oil falls towards $49 on high output, strong dollar