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BP Plans $1.5 Billion Egypt Investment To Raise Gas Output

|Includes:BP p.l.c. (BP)

BP is planning to invest $1.5 billion in 2014 to raise natural gas production from Egypt. The company's production was hit by an energy crisis following three years of political turmoil, the state news agency MENA said.

Egypt is seeking to raise $2.5 billion to cover natural gas imports until the end of Dec-2014, the head of state-run Egyptian Natural Gas Holding Company (NYSEMKT:EGAS) Khaled Abdel Badie said.

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Stocks: BP