Dana Gas plans to increase its investments in Egypt to $5 billion in the upcoming years, according to the Cabinet.
The company’s investments in Egypt reached around $2 billion since 2007, and the company ranks the fifth position in natural gas discoveries.
During the Davos World Economic Conference in Switzerland, where the Prime Minister Moustafa Madboly met Dana Gas CEO Patrik Word, the company praised the superior efforts that the Egyptian government is exerting to reduce arrears to international oil companies (IOCs).
From his part, Madboly confirmed providing Dana Gas with all the needed support to help increase its investments in Egypt.
The meeting was also attended by Mohamed Maait, Ministry of Finance, Sahar Nasr, Minister of Investment and International Cooperation, and Alaa Youssef, Egypt’s Permanent Representative in the United Nations in Geneva.