B.P, the UK oil exploration firm, plans to invest more than $ 1 billion in Egypt this year, making it a major investment destination, according to statements of the company’s CEO.
“The company no longer has due arrears on the Egyptian government,” said “Bob Dudley”, CEO of the company, during an industry event in Egypt.
“The government does not owe us any money”, he declared on the sidelines of the conference.
“Dudley” added that he is not expecting a shock in the oil supply before or after the end of the current contract and that B.P would adopt its plan based on crude oil prices ranging from 50 to 65 dollars per barrel until the end of the current contract.
