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Thursday, 10 November 2016

Egypt is focusing on deepwater gas discoveries -AIDPEC 2016

Speaking of El Molla: Egypt is focusing its attention on the more costly deepwater gas exploration, with new terms on agreements to give incentive to companies in a bid to begin exporting natural gas within five years, reports The National. "Deepwater gas exploration is the future," said Oil Minister Tarek El Molla. The EGP float will “improve our USD terms and our inflows of foreign currency, investment environment and foreign direct investment which will, at the end of the day, avail more use. And we could be in a better posi­tion in paying," El Molla said. "Although domestic prices increased by 30-47% for most types of fuel, the currency effect could wipe out all of those gains," said geopolitical analyst at consultancy Energy Aspects Richard Mallinson. "So the subsidy bill for the imported fuels may actually rise, although it should be reduced for products produced by Egyptian refineries."

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