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Saturday, February 23, 2013
Major Russian gas producer exits Egypt

Major Russian gas producer exits Egypt
Political instability in Egypt scares away Russia's second-largest natural
gas producer
Ahram Online, Saturday 23 Feb 2013
http://english.ahram.org.eg/NewsContent/3/12/65422/Business/Economy/Major-Russian-gas-producer-exits-Egypt.aspx

Russia's largest independent natural gas producer, Novatek, decided to exit
the Egyptian market and end its production activities due to the country's
political instability and the deteriorating security conditions, says
Anatoliy Chomachka, a diplomatic representative at the Russian embassy in
Cairo.

"This is just another missed investment opportunity for Egypt; the country
has witnessed the withdrawal of major investments since the January 2011
uprising," the Cairo-based diplomat told Aswat Masriya, a Reuters affiliate.

Novatek began exploratory drilling at Al-Arish offshore prospect in Egypt at
the end of 2009 and announced it would pump almost $40 million in drilling
activities up until 2012.

The Russian gas producer evacuated some its staff during the events of the
Egyptian revolution and its drilling activity was halted at several times in
Al-Arish region.

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