Arab Finance: BP, a major player in Egypt's energy sector, anticipates a significant dent in its first-quarter (Q1) earnings amounting to $200 million due to the devaluation of the Egyptian pound, as disclosed in its recent trading statement, cities by Asharq Business.

Despite this setback, BP remains committed to bolstering its presence in Egypt, pledging investments totaling $1.5 billion for development and exploration endeavors in the country in the near future.

Additionally, the company is considering injecting further investments of up to $5 billion into the Egyptian market.

BP owns stakes in four gas projects across Egypt including a substantial presence in the West Nile Delta.

In 2017, the company acquired a 10% share in the Zohr gas field from the Italian energy giant Eni.

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