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Edison CEO says will continue to invest in Egypt

Helmets for visitors are seen at the hydroelectric power plant

Helmets for visitors are seen at the hydroelectric power plant "Carlo Esterle" of Edison Energy near Milan, Italy, March 10, 2016. REUTERS/Alessandro Bianchi/File Photo

Reuters/Alessandro Bianchi/File Photo
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) ((asma.alsharif@thomsonreuters.com; +20225783290; Reuters Messaging: asma.alsharif.reuters.com@reuters.net))
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