High profile projects are not always reality, as the cancellation of the 200GW solar project of the Kingdom and Softbank are showing. After a media hype after the announcement of an agreement between Saudi Crown Prince Mohammed bin Salman and Japanese investment fund Softbank’s CEO Son in the USA, skepticism increased about the feasibility of the overall project.
Egypt’s success stories are currently impressive. The ongoing offshore Mediterranean gas adventures are presenting one success after the other. Italian oil major ENI, operator on the Zohr offshore gas field, and British oil major BP, flood the media with discoveries, on-time delivery of projects and new possible giant discoveries around the country. Egypt’s neighbors are also becoming heavily involved, as Cairo and Cyprus signed up to build an offshore gas pipeline connecting Cypriot gas fields with Egypt’s gas infrastructure and LNG export projects.
MAIN QUESTION: “WILL NW-EUROPEAN INSTITUTIONAL INVESTORS, BANKS AND HIGH-TECH COMPANIES ATTEND TOO?” The next weeks a media offensive is expected to be unleashed by US-Asian-Russian investment banks, institutional investors and high-tech companies vying for a share in Saudi Arabia’s ongoing economic diversification plans. Saudi King Salman and Crown Prince Mohammed bin Salman will courted again by the “crème de la crème” of New York, Chicago, Hong Kong, Moscow, and London financial markets.
After more than a decade of a rollercoaster ride of Egypt’s gas sector, leading even to importing LNG for years, Cairo seems now to be heading to a more brighter future. The extreme success stories offshore Mediterranean, as represented by Italian oil major ENI’s production on the Zohr gas field and possible Noor reserves, only show that Egypt is fully able to rejoin the gas export market again in full very soon.
Egypt’s economy is still under duress. Financial figures are all over the place, showing a still fledgling economic development, which is partly kept afloat by investments from Arab countries and China. The underlying figures presented by Cairo are not positive, especially if accounted for the immense infrastructure projects being subsidized by external parties (China, GCC), which are not able to support a hard-needed diversification and restructuring of the Egyptian economy. The impact of gas exports the coming years will be important, but not the cork on which a sustainable future will be able to be build.
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