Eni: expert Egypt, field discovery will revive economy

31 August, 14:34

    (ANSAmed) - CAIRO, AUGUST 31 - It is ''the most important discovery in Egypt since 1967'', economist Ahmed Abul Wafa, a financial journalist at Egypt's Mena news agency, said of the gas field found by Eni. ''The discovery will enable many companies in Egypt to reopen after they had to shut down over the past few years'', the expert said, adding that this will ''revive our industry''.

    Egypt will ''be able to stop importing gas from abroad at least for the next 10 years'' and all this will have a ''huge impact economically, as revenues from gas exploitation can be directed to develop the poorest regions in Upper Egypt''.

    Moreover, the country ''will be able to repay debt to foreign companies and give back confidence to our government''.

    Wafa was also reassuring on security: ''there is no terrorist threat in that regard. Terrorists in fact do not own sophisticated means to attack the area and Eni is a huge company able to make its installations safe''.

    Khaled Abu Bakr, president of an Arab energy company, told online paper el Watam that the new gas field ''will completely change Egypt's geo-political assets, favoring the needs of the market and attracting considerable investment. Egypt will thus be led to export gas to large industrialized countries, like Japan, opening to new markets''. (ANSAmed).

    © Copyright ANSA - All rights reserved

    Business opportunities

    The information system of business
    opportunities abroad

    News from Mediterranean