PGNIG

Polish gas giant to quit Egypt

: Saturday, February 01 - 2014 @ 00:57

Polish gas giant PGNiG has said that it has decided to withdraw from Egypt, as chances of encountering significant hydrocarbon deposits were low, as well as due to political uncertainty, The Warsaw Voice has reported. “The decision of PGNiG to withdraw from Baharyia (decision not to prolong the concession) was made due to high risk of further exploration works and low chances of exploring significant accumulation of hydrocarbons,” PGNiG said. Persisting political instability in Egypt also played a role, the company added.

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Saturday, February 1- 2014 @ 0:57 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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