Minister Molla said that Apache is the largest American investor in Egypt, noting that it started its operations in Egypt about 30 years ago.
The US-based energy company Apache plans to invest around $1.4 billion in Egypt in 2024. John Christmann, CEO of Apache and president of Apache's parent company APA Corporation said, stressing that Apache is committed to its investments in Egypt and looks forward to the government's support to continue implementing its expansions in the Egyptian market, to sustain its extended partnership with Egypt.
The announcement came during a meeting 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.
Minister Molla said that Apache is the largest American investor in Egypt, noting that it started its operations in Egypt about 30 years ago.
On December 27, 2021, the company announced the ratification of a modernized production sharing contract (PSC) with the Ministry of Petroleum and the Egyptian General Petroleum Company.
According to the energy company’s website, this PSC places Egypt at the top of APA’s investment portfolio, bolstering its position as an emerging regional energy hub and attractive investment destination.
