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Egypt IOCs remain committed despite short-term political risks

There is a curious disconnection between Egypt’s dire political and financial straits and the relatively upbeat assessments from the international oil companies (IOCs) developing assets there. In spite of the continued closure of Eni and Union Fenosa’s Damietta LNG export terminal and the substantial debt owed by Egyptian General Petroleum Corporation (EGPC) to domestic gas producers, long-term prospects still appear to justify investments.

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African Energy Gulf States Newsletter