Petroleum Minister Sharif Isma’il has publicly advocated paying higher prices for gas produced by IOCs in Egypt, while Prime Minister Hazim al-Biblawi hopes to cut energy subsidies. Quick action is needed to fix Egypt’s gas crunch, but the political obstacles remain high.
Egypt is admitting to the realities of its gas crunch by indicating it will pay higher prices to international oil companies (IOCs) active in Egypt and slash the subsidies that are depriving the government of the means to incentivise energy companies to produce more. (CONTINUED - 1128 WORDS)
