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Egypt ramped up energy projects at home and abroad this week to stabilize its economy. The move comes amid high oil and gas prices and rising global inflation linked to the US-Israel-Iran war.
What happened: At a cabinet meeting on Wednesday, Prime Minister Mostafa Madbouly said that Egypt has secured commitments exceeding $19 billion from international oil companies over the next three years.
“This diversity of global giants interested in investing in the sector reflects their confidence in the Egyptian economy amid global turbulence,” Madbouly said.
The $19 billion includes $8 billion from Italy’s Eni, $5 billion from British Petroleum, $2 billion from the United Arab Emirates' Arcius Energy and $4 billion from US-based Apache.
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