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Polish gas giant PGNiG pulls out of Egypt

PR dla Zagranicy
Nick Hodge 31.01.2014 11:41
Poland's state-owned gas and oil company PGNiG has pulled out of its exploration project in Egypt owing to political instability in the region.
Photo: PGNiGPhoto: PGNiG

Image: PGNiG

“PGNiG's decision to pull out of the Bahariya concession [in Egypt] was made because of the high level of risk concerning future exploration, and the low chances of finding a considerable accumulation of hydrocarbons,” the company said in a press statement, as cited by the Rzeczpospolita daily.

It is understood that the company has already invested about 30 million US dollars in operations at Bahariya, including two wells.

Poland is currently trying to cut down its dependence on Russian natural gas, and the Egyptian project was part of a broader push to diversify its energy portfolio.

Other programmes include a far-reaching bid to tap into Poland's shale gas potential, and this week, Prime Minister Donald Tusk's centre-right government approved a schedule to have two nuclear power plants up and running by 2035.

Last weekend saw another wave of violence in Egypt with 49 dead and 1000 protesters arrested for demonstrating against the country's interim, military-led government, which took power in a July 2013 coup.

A recent report by Amnesty International concluded that the interim government was doing all in its power “to quash dissent and trample on human rights”. (nh)

tags: egypt, gas, PGNiG
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