BP plans to invest in Egypt to increase gas supplies
Since the domestic turmoil in 2011, Egypt has been in an energy crisis and the government has requested major oil producers to invest in Egypt in order to speed up recovery. The government has recently been diverting some production originally slated for export to the domestic market and has been paying less than the international spot price for the gas thus diverted.
Meanwhile, Egypt has not yet repaid its $4.9 billion debt to foreign oil and gas companies remaining from the domestic turmoil in 2011. The government is expected to pay this debt within the next six months.
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