Monday 26 August 2013

Energy groups rethink commitment to Egypt - FT.com

Energy groups rethink commitment to Egypt - FT.com:

"For oil companies operating in Egypt, the ouster of President Mohamed Morsi and the bloody clashes that followed were so much background noise. Egypt’s oil and gas fields continued to produce as if nothing had happened.
But the oil sector’s outward complacency masks a deep disquiet. Amid spiralling economic problems, the government in Cairo is falling badly behind in its payments to foreign energy groups for the oil and gas they produce: some estimates suggest it could owe them at least $5bn. And much of that is overdue.
That has prompted some companies to reassess their commitment to the country. “They’re putting on hold any expansion in Egypt, because they’re just not getting paid,” said one senior executive at an oil company with operations there."

'via Blog this'

No comments:

Post a Comment