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CAIRO, May 11 (Reuters) - BP plans to invest $1.5billion this year to increase its production of natural gas inEgypt, hit by an energy crisis following three years ofpolitical turmoil, the state news agency MENA said on Sunday.
Egypt is seeking to raise $2.5 billion to cover natural gasimports until the end of December, the head of state-runEgyptian Natural Gas Holding Company (EGAS) Khaled Abdel Badiehas previously told Reuters.
BP representatives were not immediately available forcomment.
Egypt needs to import liquefied natural gas (LNG) for powergeneration to make up for shortfalls as domestic gas productiondeclines, a sensitive issue awaiting the new president who isdue to be elected in a national vote on May 26-27.
Former army chief Abdel Fattah al-Sisi, who is expected towin the vote, has suggested he will take a cautious approach toEgypt's energy problems, saying the government cannot get rid ofcostly subsidies overnight.
Electricity demand is highest in summer, when Egyptians keepair-conditioners running day and night. But the lack of gas hascaused blackouts, even in winter this year for the first time indecades. (Reporting by Mostafa Hashem, Writing by Yasmine Saleh; Editingby Jon Boyle)
