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FINANCIAL NEWS
Egypt’s oil and gas suffers from political deterioration
14 Aug 2013
(MENAFN) In June 2012, since the election of Muhammad Morsi, Egypt’s oil and gas are experiencing obstacles and troubles as a result of the Morsi’s government weakness that caused disturbances in the country, according to Arabian Oil and Gas.
A research report says: “The country’s tight budget will continue to pressurize officials to adopt progressive removal of energy subsidies.”
“Net gas exports, especially through liquefied natural gas (LNG), will fall over the forecast period as consumption increases sharply,” the report shows.
Gas exports will decline as the consumption of gas will rise from 53.5 barrels per day to 80.8 barrels per day, though the production is expected to increase from 63.5 cubis meters to 84.5 cubic meters.
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