Channels

Egypt says BP gas project restarted, pledges to pay gas firm debts

 

AL-ASEEL OIL FIELD - Egypt's oil minister said on Thursday that BP's $10 billion gas project, stalled for three years, had restarted and that production would begin in 2017, a sign of progress in efforts to ease the worst energy crunch in decades.

 

In another move that could help improve investor confidence, Sherif Ismail also said Egypt would pay $1.5 billion of the money it owed to foreign energy companies by the end of 2014. (Reuters)