OPIC approves funding for gas pipeline to Egypt

Overseas Private Investment Corporation (OPIC), the institution that funds projects led by US firms in developing countries, in its announcement on 2019 funding said it will provide funding for a pipeline in Egypt.

A total of $430 million in political risk insurance has been given to Noble Energy, Inc. to support the restoration, operation, and maintenance of a natural gas pipeline in Egypt and the supply of natural gas through the pipeline from Israel.

The project is expected to supply up to ten percent of Egypt’s domestic natural gas demand. It was announced during the very first meeting of the institution’s board of directors for fiscal year 2019 that this project and five others were approved.

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