Although Egypt's economic crisis leaves much to be desired, we can't say that this year has been a total flop in regards to energy news. In a short time, Egypt became a global gas giant after another massive discovery
in the Mediterranean sea.
In an interview with Bloomberg on Friday, Claudi Descalzi, the CEO of ENI which is the largest Italian company operating in the energy sector, explained that it is a possibility that Egypt will create an energy hub with Cyprus and Israel based on the recent discovery of the Zohr field in its exclusive economic zone (EEZ). The discovery harbors the potential to change the Egypt-Israel relationship and possibly bring them closer based on mutual need.
“Egypt will be completely self-sufficient. At the end, they’ll also export energy. It will create stability in Egypt. They can create cash flow selling gas and promote their own development. Then they can aggregate,'' said Descalzi to Bloomberg before adding that these countries could be one of the solutions for European energy security.
He also asserted that the two countries would do well to share their facilities and cooperate because they needed each other.
“When energy puts people together, it’s very positive. That could be a very positive case for friendship,” Descalzi said.
Main Image courtesy of New Africa Business News.