American Company APA to Invest $1.4 Billion in Egyptian Oil Sector Development in 2024

APA to Invest $1.4 Billion in Egyptian Oil Sector in 2024

The Egyptian Cabinet of Ministers announced the intention of the American company APA to invest about $1.4 billion in the development of projects in the Egyptian oil sector in 2024.

Government Support for APA’s Expansion in Egyptian Market

The government announced in a statement posted on its official Facebook page: “John Christmann, CEO of APA, expressed his hope that the company will receive government support to further expand its presence in the Egyptian market, highlighting the company’s intention to invest about $1.4 billion in Egypt next year.

This came after talks held in Cairo between Prime Minister Mustafa Madbouli and the management of the company.

Plans for Increasing Oil Production in Egypt

The meeting discussed plans to increase oil production in Egypt as a whole through continuous upgrading of technologies used for exploration and exploration of oil.

Egypt is currently actively working to develop the energy sector, and the Egyptian Ministry of Petroleum announced at the end of last year the discovery of 53 new oil and gas fields in the Western Desert, the Gulf of Suez, the Mediterranean Sea, and the Nile Delta.

Source: TASS

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