Rise of the PHARAOH
Egypt, the land of pyramids is emerging as an economic sovereign country. Since few years, the country who has been known as a net exporter shifted to being an importer due to high subsidies. In turn, population had to strive against the inclining energy costs.
Now, natural gas has emerged as the key growth driver for the country. The long known store house of gas could not be curbed due to less margins in cost. With the advent of better gas extraction and supply technologies, Egypt is gaining success in this direction. It has empowered the country to pay more than $6 billion per year.
Recently, gas and oil exploration deals has been signed with the United Arab Emirate’s Dana Gas, Petroceltic International and Edison. This investment of $265 million is projected to harness the gas resources of Egypt from eight new wells in Mediterranean Sea and Nile Delta.