Depleted foreign reserves, $6bn owed to IOCs, 10-year low gas output, terrorist attacks. All weigh heavily on Egypt’s economic prospects. But a recent giant gas find together with improved terms that have spurred development of previously-discovered fields offer hope of a better future.
Delegates and speakers at the Intergas Conference in Cairo on 24 November were keen to highlight the country’s potential, but a recurring theme of the conference was that more needs to be done to improve the country’s investment climate if the recent investment uptick is to continue. (CONTINUED - 2394 WORDS)