In August, energy news site Oil Price named Egypt a strong contender to become a Mediterranean oil hub, due to its strategic location, exploration-friendly infrastructure, and ability to store and export petrol and natural gas. Italian gas company Eni announced in May it had begun operating its third production unit in Zohr gas field. Minister of Petroleum Tarek Al-Mulla had recently highlighted that the third production unit is strongly paving the way for Egypt to become self-sufficient with natural gas by the end of 2018. Having met its own gas needs, Cairo is looking to kickstart exports and extend its regional influence. IOC Production is one of the branches of Italian company Eni that invests about $12 billion in Egypt.

Source: Egypt Independent December 18, 2018 10:18 UTC