Chairman of the Energy Committee of the Federation of Egyptian Industries Tamer Abu Bakr said the international oil companies will take a cautious stance toward pumping new global investments with the collapse of crude prices, which may adversely affect projects planned to be raised during the next March economic summit.
Abu Bakr told Al-Masry Al-Youm Friday if the price of crude continues to collapse, the new production projects and petrochemical industries that depend on oil derivatives will deteriorate.
Foreign investors in Egypt may postpone future plans, on which Egypt relies to make up for the shortfall in its energy needs, said Abu Bakr.
The government planned to import liquefied natural gas for a period of three to four years until the emergence of needed local explorations. However with the delayed pumping of investments the government may be forced to depend on imports for a longer period, said Abu Bakr.
Edited translation from Al-Masry Al-Youm
