Tags: ML | Egypt | Economy

Massive Gas Find a Boon for Egypt, Salve for Energy Crisis

Massive Gas Find a Boon for Egypt, Salve for Energy Crisis

Monday, 31 August 2015 01:15 PM

CAIRO (AP) — Experts say the discovery of a huge natural gas field off the Egyptian coast is a major boon for the country that will help alleviate energy shortages and boost the economy.

They say that the new "supergiant" offshore field revealed a day earlier by Italy's Eni SpA and billed as the "largest-ever" found in the Mediterranean Sea could alleviate the Arab world's most populous nation's need for gas imports.

Egypt is making a gradual economic recovery from the years of chaos since a 2011 uprising toppled longtime autocrat Hosni Mubarak. Rolling power cuts have been a regular feature of life as the country has been ruled by the military, an Islamist president and then a military-backed government.

This summer, however, Cairo has been largely spared the power cuts.

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Experts say the discovery of a huge natural gas field off the Egyptian coast is a major boon for the country that will help alleviate energy shortages and boost the economy.They say that the new "supergiant" offshore field revealed a day earlier by Italy's Eni SpA and...
ML,Egypt,Economy
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2015-15-31
Monday, 31 August 2015 01:15 PM
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