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Thursday, October 1, 2020
The state-owned Egyptian Natural Gas Holding Company (EGAS) signed $934 million in deals last week covering eight exploration and research agreements. The country is looking to attract new investment following a drop in new deals due to the oil price crash and the Covid pandemic.
As neighboring countries in the Eastern Med present competition for petrodollars, the country is looking to secure its chunk of the investment pie. Egypt is also looking to become a major natural gas and LNG hub to service its neighbors with its existing downstream and processing infrastructure.
Director of EGAS, Magdy Galal, announced that $65 million in grants were signed in addition to the investments in research and exploration and said the company is working to secure another six agreements worth as much as $731 million.
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