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OilPrice

Egypt settles nearly US$6.1 billion in energy arrears, paving way for new gas projects

Egypt has fully repaid about US$6.1 billion in outstanding energy-sector debt to foreign oil companies, easing a key barrier for Western investment. Shell, Chevron, Eni and BP are pressing ahead with major gas developments in the Mediterranean and the Nile Delta, including Mina West (first gas targeted for Q4), Nargis (3.5 Tcf) and Denise (around 2 Tcf). With operating LNG export facilities and control of the Suez Canal corridor, Egypt’s strategic value for regional energy flows is rising. Wheat is mentioned as an inflation pressure tied to import reliance, but no direct pricing or supply-demand transmission mechanism is specified.
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