Analysis
Even with Greece venture, Egypt's energy hub ambitions remain far off
Egypt's key gas field has seen a slump in output while Cairo continues to import more gas from other countries such as Cyprus and Israel.
Egypt has lofty ambitions of becoming a regional energy hub by 2025, and the North African country has several drilling initiatives slated for early next year. But investment inertia and logistical setbacks have led to the decline of Egypt’s most valuable commodity: natural gas.
Now a revitalized energy strategy launched in July involves increased cooperation with foreign partners and a renewed focus on regional energy collaborations.
On Oct. 14, the Egyptian Natural Gas Holding Company (EGAS) and Greece-based Copelouzos Group established a joint venture in the European country for trading, supplying, transporting and regasifying natural gas to Eastern Europe.
Declining output
