The Strategist

APA Corporation to invest $1.4B in Egypt's oil sector in 2024



08/21/2023 - 03:45



According to APA Corporation's CEO John Christman, the company "looks forward to government support to continue expanding its presence in the Egyptian market."



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In 2024, the US company APA Corporation plans to invest over $1.4 billion to construct projects in Egypt's oil industry, said by the Arab republic's Cabinet of Ministers following the outcomes of discussions held in Cairo between the company's management and Prime Minister Mostafa Madbouly.

"APA CEO John Christmann said that the company is looking forward to the government's support to continue expanding its presence in the Egyptian market and intends to invest about $1.4bn in Egypt next year," reads a statement posted on the cabinet's official Facebook page.

Plans to enhance oil output in all of Egypt by continuing modernization in oil prospecting and exploration were also discussed during the meeting.

source: ft.com




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