March 14, 2015 / 10:55 AM / 3 years ago

BP signs $12 billion energy deal in Egypt

BP logo is seen at a fuel station of British oil company BP in St. Petersburg, October 18, 2012. REUTERS/Alexander Demianchuk/Files

SHARM EL-SHEIKH, Egypt (Reuters) - Oil company BP has signed an agreement to invest $12 billion in Egypt that will produce 3 billion barrels of oil equivalent, a joint statement from the company and the government said on Saturday.

The deal, finalised at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades.

The agreement will include a West Nile Delta project, exploration and resource appraisal activities, East Nile Delta operations and operations in the Gulf of Suez.

Rising energy consumption and decreasing production have turned Egypt from a net energy exporter to a net importer in the last few years and caused persistent blackouts.

Writing by Michael Georgy; Editing by Alison Williams

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