is egypt dangerous--the answer is no
BP to invest $10 billion in Egypt in next few years
10:59am EST
CAIRO, Jan 13 (Reuters) - BP Plc <BP.L> will spend $10 billion in Egypt on gas and oil exploration activities over the coming years, its chief executive officer was quoted on Wednesday as saying.
Egyptian state news agency MENA said Tony Hayward made the announcement after meeting the country's prime minister, Ahmed Nazif, and Oil Minister Sameh Fahmy.
"The company will invest $10 billion in the Egyptian market in the coming few years," Hayward was quoted as saying.
The agency did not give any further details of the investment.
Egypt's proven natural gas reserves rose to around 77.2 trillion cubic feet in the 2008/09 fiscal year.
The most populous Arab country is a major natural gas exporter but it said in 2008 it would not sign any new gas export contracts until the end of 2010, to meet rising local demand.
Egypt's state-owned Egyptian Natural Gas Holding Company also said in October it had delayed plans for a second liquefied natural gas train -- a production line -- at Damietta until enough gas reserves were found.
BP and Eni SpA <ENI.MI> had proposed a second LNG train at Damietta with a capacity of around 2 billion cubic metres per year.
Italy's Eni and Spain's Union Fenosa [UNFNS.UL] both have stakes in the LNG processing unit or train that is already functional at Damietta.