US Apache plans $1.5 bln Egypt investments in 2012

Reuters, Sunday 30 Oct 2011

Oil and gas conglomerate Apache's plans to expand its Egypt operations by $1.5 billion are the largest foreign venture in Egypt since January's popular uprising

American oil and gas company Apache Corp plans to increase investments in its Egypt operations by $1.5 billion starting in 2012, Egypt's General Authority for Free-zones and Investments (GAFI) said on Saturday.

This is one of the biggest expansion operations for foreign investments in Egypt since a popular uprising that ousted President Hosni Mubarak in January and left the economy floundering, deterring investments amid political instability.

Apache has operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina.

Coca-Cola Co has also said, according to a GAFI statement, that it plans to double its investments in Egypt by $200 million in 2012.

The company said it will expand its factories in Egypt to become a major regional production centre.

Foreign direct investment dropped from $6.2 bln in the 2009/2010 financial year ending in June to $2.1 bln in 2010/2011.

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