British multinational oil and gas firm BP Plc said it will invest $3.5 billion in Egypt over the next three years.

The announcement came after BP's chief executive Bernard Looney met Egyptian President Abdel Fattah El Sisi on Monday.

The investments will go towards research, exploration and development, according to statement on behalf of the Egyptian president.

BP, which has been operating in Egypt for 60 years, will cooperate on reducing emissions and energy transition, as well the production of green hydrogen.

The company has invested more than $35 billion in the country and produces around 60% of its gas, according to its website.