Apache plans USD 2 billion Egypt investments - GAFI

Reuters reported that American oil and gas company Apache Corporation plans to increase investments in its Egypt operations by USD 1.5 billion starting in 2012.

Egypt's General Authority for Free zones and Investments said that this is one of the biggest expansion operations for foreign investments in Egypt since a popular uprising that ousted President Mr 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 that it plans to double its investments in Egypt by USD 200 million in 2012. The company will expand its factories in Egypt to become a major regional production centre. Foreign direct investment dropped from USD 6.2 billion in the 2009 to 2010 financial year ending in June to USD 2.1 billion in 2010 to 2011.

(Sourced from Reuters)