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Elham AbolFateh

Moment Of Truth

Can Egyptian industry be saved by Zohr Gas field?.. by Elham Abol Fateh

Saturday 16/December/2017 - 03:10 PM
Sada El Balad
Elham AbolFateh
Will Zohr gas field save the Egyptian industry before it collapses?. days ago، the Egyptian government announced the start of production of Zohr gas field as it became included within the National Gas Network. we hope the Egyptian industry، which is the mainstay of the Egyptian economy، will make use of this gas field.. the industry has screamed and suffered a lot for years due to the gas prices increase. this increase represents a key element in the production costs of many factories such as factories of fertilizers، iron، ceramics، petrochemicals and other industries Which is considered the backbone of the Egyptian industry and employment. the employment has suffered a lot Because of the high price of gas consumed by the factories. The gas was priced at $ 3 Btu “a gas unite” When the price of dollar was 5 Egyptian pounds.
Suddenly the government decided to raise the price of the unit to 7 dollars.. This was accompanied by the floating of the Egyptian pound. hence the price of the dollar reached 18 pounds.. The price of the unit، which was 15 pounds، increased to 126 pounds. many factories shut down their production lines at the time we need to export. Everyone was waiting for the start of the production of Zohr Gas field to increase the amount of gas and decrease the prices. Thanks god، the Egyptian government announced the start of production of Zohr gas field. will this affect the Egyptian industry?، hence the state reduces the price of gas at least to $ 3، Thereby ensuring an increase in production، a faster turnover of capital، and an increase of the employment rate. If we are seeking investment and exportation، we have to have the Competitiveness in terms of price، and quantity.. But this is hindered by the decision of increasing the price of gas to $ 7، accompanied by the floating of the Egyptian pound and increasing the dollar price، leaving many factories either bankrupt or about to be bankrupt or closed. the Egyptian industry is in a dire need to reduce the price of gas.

Congratulations..Zohr gas field started pumping about 350 million cubic feet per day as an initial stage. Output of the largest gas field in the Mediterranean is expected to double in two months to reach about 700 million cubic feet per day، up to 1 billion feet before the end of the first half of the next year.

I believe that during the current year we witnessed a great development in the Egyptian oil and gas industry. We also noticed the results of outstanding works despite the great challenges that the state was able to face. The great oil discoveries continued. The Ministry of Petroleum unveiled its plan to increase fuel production before the end of 2017 through increasing production by About 650 million cubic feet per day، through connecting Zohr gas field in the deep water in the Mediterranean Sea، to Atoll field. Putting the two fields on the production map Will contribute to providing natural gas supplements for the domestic market in the various sectors that depend on gas. The total domestic production of natural gas reaches 5.8 billion cubic feet، which is considered a big increase that could help us not to import and prevent the crises happening every year. We hope that the start of the field production will be a lifeline for the Egyptian industry. It is up to the government.

translated by: Basant Ahmed



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