BP has invested most money in Egyptian market since 2017
The UK-based oil and gas company, BP, has revealed the market it has invested the most money in since 2017 in Egypt.
The company’s Chief Executive Officer, Bob Dudley, gave the information to CNBC on 11 February.
“Today (the scale of our operations) is very big,” Dudley informed CNBC.
“We produce oil in the Gulf of Suez but really our focus in the last five years has been this big push for natural gas.”
“All across from the Nile Delta, to the east, to the west of the Nile Delta, it's helping power the country and other companies are here as well.”
“In the last two years we've invested more money in Egypt, in both of those years, than in any other country in the world for BP, so it's a really important place for us.”
Egypt is currently focusing on becoming a Mediterranean energy hub, targeting natural gas. The nation’s capital city is expected to become a net gas importer by the end of this year.
The country’s oil and gas sector has received US$10bn in foreign direct investment during the 2017/18 financial year.
“We've seen this big change over the last four or five years that has fundamentally changed things.”
“You go back, five or seven, eight years ago and electricity wasn't even assured each day and now the infrastructure's here ... You're actually seeing Egypt move from a producing country into one that's going to begin to export energy as well and become a Mediterranean hub, it's very exciting.”
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.