Apache to invest $1.4B in Egyptian market in 2024



Mon, 21 Aug 2023 - 09:59 GMT


Mon, 21 Aug 2023 - 09:59 GMT

CAIRO - 21 August 2023: CEO of Apache and President of Apache's parent company APA Corporation John Christmann stressed that Apache is committed to its investments in Egypt and is planning to invest $1.4 billion in the Egyptian market in 2024.

Christmann added that his company looks forward to the government's support to continue implementing its expansions in the Egyptian market, and to sustain its extended partnership with Egypt.

This statement came during a meeting held on Sunday, August 20 between Prime Minister Mostafa Madbouly, Egypt’s Minister of Petroleum and Mineral Resources Tarek El- Molla, and a delegation from Apache to discuss their expansion plans and investments in Egypt in the coming period.

"Apache is the largest American investor in Egypt and it started its operations in Egypt almost 30 years ago," El-Molla said during the meeting.

In December 2021, the energy company stated the ratification of a modernized production sharing contract (PSC) with the Petroleum Ministry and the Egyptian General Petroleum Company.

According to Apache’s website, this PSC places Egypt at the top of APA’s investment portfolio, reinforcing Egypt’s position as an emerging regional energy hub and attractive investment destination.



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