Crescent Petroleum, the Sharjah oil producer, plans to move into post-Arab Spring countries that it believes will be friendly to regional investment.
It is renewing talks with Egypt to create an industrial cluster and is feeling out opportunities in Libya to take over concessions left behind by other foreign investors. Royal Dutch Shell was the latest major to abandon a Libya concession this year, citing geological prospects.
"The Arab Spring has increased the risk perception for foreign companies, and we see even the large western companies slowing down their investment or putting some projects on hold, and we see the medium-sized ones and smaller ones are just leaving altogether from these countries," said Majid Jafar, Crescent's chief executive.
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