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Al-Sisi , UK

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Al-Sisi meets British companies, experts during visit to UK

BP intends to pump investments of $3bn in gas field discovery over the next three years

President Abdel Fattah Al-Sisi met Wednesday with representatives of investment funds, companies operating in the energy sector and infrastructure experts in the UK, according to presidential spokesman Alaa Yousef.

Yousef said that Al-Sisi met head of Actis Fund, Torbjorn Caesar, who presented the size of investment activities of the fund which exceed $7bn globally.

Caesar expressed his desire to continue fund activities in Egypt, and to take advantage of the investment opportunities in many sectors, according to Yousef. 

Yousef noted that the size of the Fund’s investments in Egypt over the past seven years amounted to about $0.5bn, in the  production, banking and energy sectors.

Yousef added that the Fund intends to inject new investments in the renewable energy sector, where it recently signed a Memorandum of Understanding (MoU) to establish a wind-energy plant to generate electricity in the Gulf of Suez, with investments of $350m.

“The fund committed to two projects in the energy sector worth $120m, one in Ras Gharib to generate electricity from wind, and the other in Aswan for power generation from diesel fuel,” said Yousef.

The spokesman noted that Al-Sisi welcomed  the Actis Fund investments in wind power to generate electricity, which match the Egyptian government’s 2020 plan to produce 20% of power from renewable sources.

During his visit to the UK, Al-Sisi met with BP Chief Executive Bob Dudley and expressed Egypt’s appreciation for BP activities carried out in the Egyptian market.

For his part, Dudley presented the company’s projects in Egypt, mainly on developing the Atoll gas field in the Mediterranean Sea, which will begin in less than eight months, after the discovery was announced at the Sharm El-Sheikh Economic Summit.

BP intends to pump investments worth $3bn to develop this field over the next three years, so that production takes place at the beginning of 2018, according to the spokesman.

Minister of Petroleum Tarek El-Molla explained that the framework agreement that was signed Wednesday with the chief executive of BP would accelerate the production of the field, which is estimated at 1.5tr cubic feet.


Topics: actis Al-sisi BP UK

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