Italian energy group Edison will continue to invest in Egypt.
CAIRO, Feb 14 (Reuters
) - Italian energy group Edison will continue to invest in Egypt, its CEO Marc Benayoun said on Tuesday.
Edison has signed a $86 million agreement with state-run Egypt Natural Gas Holding (EGAS) for natural gas and oil exploration in the Mediterranean, the Egyptian Petroleum Ministry said on Jan. 5.
The Egyptian government has been on a drive to lure back foreign investors to its energy sector in an effort to address a squeeze on public finances and reduce its reliance on energy imports.
In December, Egypt accepted six bids for oil and gas exploration worth up to $200 million.
(Reporting by Lin Noueihed and Eric Knecht; Writing by Asma Alsharif; Editing by Susan Fenton) ((email@example.com; +20225783290; Reuters