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July 19, 2010
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Prime Minister, Dr. Ahmed Nazif, received the Chief Executive of British Petroleum Company BP Tony Hayward, in attendance of the Minister of Petroleum and head of BP in Egypt.
Hayward reviewed the unprecedented agreement signed today which states that BP would invest EGP 50 billion as a first phase, over the five coming years, in exploring and producing gas and petrol in Egypt. Such agreement is not only a new model of relation with Egypt, Hayward said, but also a main example for BP future agreements worldwide.
The prime minister expressed his appreciation over the company's efforts in Egypt as well as Hayward's attendance to sign the mentioned agreement despite of the current challenges facing the company, something which shows the importance of Egypt location in terms of BP investments.
From his side, the Minister of Petroleum referred to the excellent relations between Egypt and BP, adding that the signed agreement would open wider horizons in the petroleum exploration in Egypt.
The interest paid by BP in the petroleum exploration field in Egypt comes within the strategic report prepared recently by the American Geological Society which shows the existence of large supply of petroleum reserves in Egypt.
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