FINANCIAL NEWS

Egypt to invest USD20b to increase gas production in 2015

25 Mar 2015

(MENAFN) The Egyptian government is set on boosting Nat gas production to meet USD20 billion of planned power projects thus foreign investors are set to receive more offerings, The National reported.

For instance, London-based BG Group is going to receive a sum of around USD3.95 per million British thermal unit (btu) for natural gas from new Egyptian developments. Germany-based Dea Egypt, on the other hand, will receive to USD3.50 from USD2.50.

“The [government] is basing the [increased price for natural gas] on a number of variables,” he said, adding that it was not “fundamental to change the pricing for everyone,” BG executive said in a documented statement.

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